4812 NE 255th Dr Melrose, FL 32666
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About this home
Classic Melrose farmhouse on approximately 2.4 acres beneath grand oaks—vintage character with the big-ticket updates done. A MUST SEE to appreciate all the original charm while having all the modern conveniences of today. The home was constructed from Long Leaf Pines that were cut and milled right on the property. You'll feel miles away as you look out over your beautifully manicured yard, enjoying all the giant oaks, magnolias, tall pines, fruit and cedar trees. Recent improvements include a new metal roof (May 2025), 200-amp electrical service/panel (Summer 2024), full pro paint inside & out (May 2024), Leaf Systems whole-house water treatment + Reverse Osmosis at the butler’s pantry (Mar 2022), sewer plumbing replaced in the crawl space (2022), and a 90-amp RV power run + water line by the shop area. Inside, comfortable living spaces flow to a country kitchen and dining area; 3 bedrooms / 2 baths and about 2,439 sq ft (buyer to verify). Wide porches and a shaded yard invite year-round indoor/outdoor living. Quiet, tree-lined road just minutes to historic Melrose and Melrose Bay with straightforward access to Gainesville/UF, Keystone Heights, and Palatka.
Source: STELLAR #GC534625
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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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