602 Bonito Ave Nokomis, FL 34275
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About this home
Short Sale. Motivated Seller - Great Potential to transform this Mid-Century Home to it "Best Version of Itself" as is has Great Bones, which include; Newer Roof, Newer Windows, wooden beam ceilings, original terrazzo floors and is situated on an a large, private, corner lot with an abundance of trees and beautiful flowers. The house was redesigned to have an attached, yet separate quest space, with its own private entrance. Overall the house is quite unique and could be ideal for someone with a creative vision that can see it for its true potential. The neighborhood is not- Ordinary, as there are Million Dollar Waterfront Mini-Castles (across the street) among small cottages and mobile homes in this Non Deed Restricted, very centrally located to the best of Vence and Sarasota. Last year with the hurricanes, the owner states this home did not flood, yet the house is a stone thrown to the water, leading to the Gulf. This is a Potential Short Sale, so all offers need to be submitted through the portal indicated in MLS
Source: STELLAR #A4663137
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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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