5110 S State Ave Indianapolis, IN 46227
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About this home
Welcome to this spacious 2-story home, offering the perfect blend of comfort, style and functionality. Situated on nearly 1/2 lot with mature trees, this property is ideal for those who love space and outdoor living. The home features 5 bedrooms and 4 baths. This provides plenty of room for your family, guests or home office needs. The Large great room is perfect for family, guests, or home office needs. The large great room is perfect for family gathering or entertaining. The primary suite features a luxurious en-suite bathroom with a tub, shower, double sinks, and a private balcony that overlooks the spectacular backyard. The fully fenced backyard with massive deck is perfect to enjoy privacy and outdoor fun in your own retreat. The updated kitchen and breakfast nook are fully tiled with modern finishes, perfect for cooking and casual dining. The oversized tiled laundry/mud room is ideal for keeping your space organized. The detached 2 1/2 car garage provides ample space for vehicles, tools, and storage. the large drive way easily accommodates multiple vehicles, trailers or even a motorhome. This is a perfect location for home-based businesses like landscape, drywall, painting, etc. With no HOA you can enjoy the freedom of no additional restrictions. Close to everything! Schedule a showing today!
Source: MIBOR #22042718
Neighborhood
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Close stress-free in 45 days, handled start to finish by Roam.
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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.
Roam is committed to and abides by the Fair Housing Act and Equal Opportunity Act.