424 Red Buoy Cv Princeton, TX 75407
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About this home
SELLERS' PREFERRED LENDER WILL PROVIDE A 1% CREDIT TO BUY DOWN RATE OR ASSIST WITH CLOSING COSTS! This stunning waterfront property is located in one of the few water ski communities in North Texas: the beautiful Princeton Lakes neighborhood. Set on just over an acre, this single-story home boasts an open floor plan that perfectly combines luxury and comfort. It features 4 bedrooms, including two primary suites, 3 full bathrooms, soaring 12 feet ceilings, a built-in mudroom, and a laundry room equipped with built-in cabinets and a sink topped with granite counters, and lake views from every room. The garage is expansive, covering over 1000 square feet, providing ample space for a boat, golf cart, and cars, with additional room for a workshop. The backyard is ideal for entertaining! The 420 square foot covered patio comes with built-in electronic shades, a mini fridge, and a TV, all while overlooking the breathtaking infinity pool that can be enjoyed year-round. You can heat it in the winter or cool it off in the summer. This home also includes a boathouse and dock with an electronic boat lift. This community brimming with water sports enthusiast is located minutes from Lake Lavon, 20 minutes from McKinney and an hour outside of Dallas.
Source: NTREIS #21044718
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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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