38484 E River Rd Elyria, OH 44035
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About this home
Eaton Township Ranch – Midview Schools | No RITA Taxes Welcome to this well-cared-for 3-bedroom, 1.5-bath ranch located on a quiet no-outlet street in Eaton Township—offering the perfect blend of peace, privacy, and convenience. Situated on nearly half an acre, this home provides easy one-floor living with no steps and plenty of recent updates throughout. Inside, you’ll find a spacious front living room with cherry wood cabinets, plush carpeting, and a ceiling fan. The galley-style kitchen comes fully equipped with a refrigerator, electric stove, microwave, and dishwasher—ready for you to move right in. The first-floor laundry room includes the washer and dryer for added convenience. All three bedrooms feature newer carpet and ceiling fans. The updated full bath offers dual sinks and a shower/tub combination, while the half bath is perfect for guests. Need more space? The large 42x16 bonus recreation room is a true highlight—featuring a PelPro pellet stove that warms up to 2,200 sq. ft., perfect for cozy Ohio winters. Recent major updates give peace of mind, including: Septic system (2019), Gas furnace, ductwork, and central air (2019), 200-amp electrical panel (2019), 40-gallon electric hot water tank (2019), Columbus Gas meter (2019), Whole-home humidifier (2023), Newer gutters, downspouts, garage door, front entry with slide-down screen, Updated concrete stoop and garage window. Additional improvements include LED lighting, updated kitchen lighting, bathroom exhaust fans, new well cap, water softener system, and a utility tub in the rec room. The original electric baseboard heaters remain wired and ready to reconnect if desired. With Midview Schools, no RITA taxes, and a quiet location close to shopping, dining, and major highways, this home combines comfort, efficiency, and value. Move in and enjoy!
Source: MLSNOW #5159982
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FAQs
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Save search” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
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