408 Loyola Dr Elyria, OH 44035
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About this home
Beautiful contemporary colonial home nestled on TWO PARCELS! House is situated on Loyola and there is a second parcel (buildable lot) on Pepperdine Drive! Rear wooded parcel has 75ft of frontage and the main parcel has over 75 ft of frontage! with 125' of depth! Great curb appeal with rustic appeal! Recently repainted exterior. Step into a spacious entry foyer with vaulted ceilings and fresh paint! Large living and dining room offer crown molding and fresh, neutral paint + carpet was just installed! Beautifully designed kitchen with a soaring vaulted ceiling complete with skylight, center island cooktop, wall oven! Patio door (replaced in 2015) leads to a custom built deck with built in gas grill/line. The family room is VERY cozy and spacious with a fireplace and built in cabinetry. Main floor bedroom/full bath is a great option for teen/in-law suite type setup. HUGE laundry/mudroom. Upstairs you'll find three bedrooms and two full baths. The Primary bedroom suite is spacious. There is a walk in closet with custom closet organization. You'll also find a VERY SPACIOUS primary bath with a recently updated walk in shower, floor and a double vanity! That's not all! There is a finished basement with a rec/bonus room! Side load garage and a storage shed. ALL APPLIANCES INCLUDED! Other notable (estimated) dates seller is able to provide include roof '12, central air '24, insulation and furnace '16, garage door and opener 2024! Often desired location placing you within minutes of LCCC, shopping/health services, parks and a short distance from I-90/254!
Source: MLSNOW #5160703
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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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