456 W Hillside Ave Spencer, IN 47460
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About this home
This 4-bedroom - 1.5 bath house sits on Hillside Ave, a prime location for Spencer and conveniently offers a driveway & garage for off street parking. When arriving to the home you're welcomed with a large 9x25 covered concrete front porch with large columns leading you into the front door. House has loads of original charm, such the original hardwood floors that run throughout, original wood trim, even some Internal wooded blinds that add old school character. The entrance foyer splits the living room & family room both allowing generous amount of space to entertain or relax and showcases the staircase that leads up to the upper floor. All bedrooms are located upstairs. The above ground living space is approximately 1728 sq ft and also has approximately 864 sq ft of unfinished basement leaving a blank canvas with tons of potential to make your very own. Located in the back of the home off of the kitchen is the sunroom overlooking the back yard & patio making for a great place to start your day or unwind. The back yard is where you'll find an extra parking spot behind the garage, a concrete patio with a spacious fenced in yard that could be great for gilling, gathering, or your creating personal oasis with the convenience of being in town. A new roof & gutters were installed in 2023. Space, original character & location all in one!
Source: MIBOR #22057009
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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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