624 Washington Cove Way Indianapolis, IN 46229
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About this home
Welcome to your new opportunity in a prime location with instant equity! This spacious 2,308 square foot home offers three bedrooms and two bathrooms, making it a canvas for your personal touches. Situated in a desirable neighborhood close to amenities, this residence combines convenience with the potential for instant equity. As you enter, you'll be greeted by a generous layout that features a loft, providing extra space ideal for a home office, gym, or cozy reading nook. The home has great bones but does require some cosmetic updates, allowing you to customize it to your taste and vision. With a little TLC, not only can you enhance your living experience, but you can also benefit from the immediate equity potential. Imagine entertaining friends in the open living areas or retreating to the private primary suite after a long day. The outdoor space offers possibilities for gardening, entertaining, or simply enjoying the fresh air. With its unbeatable location, you'll have easy access to shopping, dining, and recreational activities, making it an ideal choice for those who appreciate the vibrancy of community life. This is a fantastic chance to create your dream home in a sought-after area. Don't miss out on the opportunity to invest in a property with such potential. Schedule your tour today and discover how you can make this house your home!
Source: MIBOR #22064889
Loan details
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Close stress-free in 45 days, handled start to finish by Roam.
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If you find a better price on any home, we’ll match it.
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.