560 Winchester Pike Canal Winchester, OH 43110
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About this home
A once in a lifetime opportunity to buy this charming Mid-1800s Farmhouse on 10.29 Acres in Canal Winchester, OH. Nestled on a sprawling 10-acres, this enchanting 3 BR, 1.5 BA farmhouse offers a unique opportunity for those with vision. With its historic charm and rustic appeal, this property is perfect for anyone looking to create a dream home or capitalize on its potential as a bed and breakfast, brewery, winery, hobby farm, event venue, farm-to-table restaurant, and so much more! The farmhouse features classic architectural details, a full front porch, spacious rooms, and plenty of natural light, providing a warm and inviting atmosphere. The expansive grounds offer ample space for outdoor activities, gardens, or even livestock. The property includes several bee boxes, a storage shed, an above-ground swimming pool, a chicken coop, and a large barn/garage. Given its desirable location with great access to Route 33 and downtown Canal Winchester, the property may benefit from re-zoning to commercial (currently zoned residential), allowing for a variety of uses that could maximize its potential. Whether you're looking to restore a piece of history or embark on a new venture, this property is brimming with possibilities. **Attention Agents:** All showings require a 24 hour notice. Please read the ATA remarks and offer instructions doc.
Source: COLUMBUSOH #225035115
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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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