5387 Ponderosa Farm Rd Gainesville, GA 30507
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About this home
Back on Market, through No Fault of Seller! 2.87% Rate Assumable FHA with Roam! Welcome to this charming and well-maintained home situated on a spacious 1-acre flat lot in beautiful Gainesville, GA. This inviting property features classic details like crown molding, a cozy brick fireplace, and an open-concept layout with views from the kitchen to the family room. The kitchen is designed for both function and style with white cabinets, granite countertops, and plenty of space for entertaining. Enjoy the ease of a master suite on the main level, and soak in the serene views of a peaceful horse farm directly across the street. Watch stunning sunsets from your backyard, which offers ample space for a garden and includes a convenient storage shed. Perfectly located just minutes from Lake Lanier, Don Carter State Park, and the vibrant shops and restaurants of downtown Gainesville, this home offers the best of both tranquility and convenience. Outdoor enthusiasts will love the easy access to boating, hiking, and golf. You're also just a short drive from I-985 and Highway 129, making commuting to Atlanta or exploring North Georgia a breeze. Don't miss this rare opportunity to enjoy country living with modern comforts and quick access to everything Gainesville has to offer! Located in the Cherokee Bluff school district - bus picks up / drops off in front of house.
Source: GAMLS #10538872
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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.