4769 Covington Dr NW Concord, NC 28027
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About this home
Wow! 2.7 acres of beautifully manicure heaven! And, did I mention the basement? It is unfinished but it has it's own HVAC, insulation, and is framed for the ease of finishing! One bedroom on the main floor with a ceiling fan and freshly cleaned carpet has access to a full bath. This would make a lovely office. Tile leads through to the kitchen and breakfast area. Formal living and dining rooms have gleaming hardwood floors, 2" faux wood blinds. Kitchen has a delightful view of the back yard, and features stainless steel appliances, and a spacious pantry. 2-sty great room with gas log fireplace, ceiling fan, access to the large deck out back. Upstairs you will find three additional bedrooms sharing a Jack and Hall bath and the laundry room. The primary suite has a tray ceiling with a ceiling fan, plenty of room for a seating area, and a private en suite bath with split vanities, water closet, and sep tub and shower. Yes, the rear of the property is in a flood plain however it is not near the house and in the 25 years the owner lived here she never had a claim or water over the small retainer wall in the back yard. This home is an absolute gem in this swim/tennis community.
Source: CANOPYMLS #4304697
Neighborhood
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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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