423 Dewey St Royal Oak, MI 48067
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About this home
Welcome to this exceptional colonial home, built in 1996 and perfectly situated in one of Royal Oak’s most desirable neighborhoods. Offering 1,512 square feet of thoughtfully designed living space, this residence combines timeless charm with modern convenience, just minutes from downtown Royal Oak, Cody Park, Red Run Golf Club, and a variety of local shops and restaurants. Step inside to a welcoming foyer that opens into a spacious living room, seamlessly connected to a bright dining area and an open-concept kitchen. The kitchen features classic oak cabinetry, abundant countertop space, and direct access to a charming Trex Deck patio—ideal for outdoor dining and entertaining. The private fenced backyard offers a peaceful retreat, perfect for gatherings with family and friends. A convenient half bath and extra storage complete the main level. Upstairs, the primary suite offers a generous walk-in closet and an en suite bathroom with a walk-in shower. Two additional bedrooms provide ample space and storage, making this home ideal for families or guests. The unfinished basement includes a laundry area and offers endless potential for customization, whether you envision a home gym, office, or recreation space. Recent updates include a new A/C unit (2023), hot water tank (2022), newer disposal, dishwasher, and furnace, plus an Ecobee programmable thermostat for energy-efficient comfort year-round. With three bedrooms, two and a half bathrooms, and a location that puts you close to everything Royal Oak has to offer, this home presents a rare opportunity to enjoy comfort, style, and convenience in one of the city’s most coveted areas. Schedule your private tour today.
Source: REALCOMP #20251049376
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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.
Roam is committed to and abides by the Fair Housing Act and Equal Opportunity Act.