48855 Salt River Dr Chesterfield, MI 48047
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About this home
A Little Taste of the Tropics in Michigan! Welcome to your own slice of paradise in Chesterfield Township — a boater’s dream nestled in a prestigious and highly desirable neighborhood. This unique 1,700 sq ft ranch features 3 bedrooms, 3 full bathrooms, and an open, flowing floor plan designed for both comfort and entertaining. Situated on an expansive 0.44-acre lot with 100 + feet of Salt River frontage, which includes 7 boat wells - the property offers quick and easy access to the lake. The backyard is truly an entertainer’s dream, featuring a covered patio with a charming gazebo, a custom-built deck perfectly positioned for breathtaking river views, and a large open yard ideal for gatherings, games, or simply relaxing by the water. A small extra garage provides excellent storage for tools and toys and even includes a convenient outdoor bathroom—perfect for hosting guests or boaters after a day on the water. The home also includes an attached two-car garage and a generously sized driveway, offering plenty of parking for family and guests alike. Whether you're boating, entertaining, or unwinding, this home brings a tropical vibe and relaxed lifestyle to Michigan waterfront living. New roof in 2022, brand new furnace 2025.
Source: REALCOMP #20251019781
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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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