631 E Rector St San Antonio, TX 78216
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About this home
OPEN HOUSE SUNDAY NOV 9th FROM 1-3PM. Sellers willing to give $18,950 to buyer to use toward cc or repairs. Inground pool for you to enjoy at 631 E Rector, San Antonio, TX 78216 is a beautifully updated home with numerous upgrades and additions. The interior of the home now features three bedrooms, including a spacious main bedroom that was created by combining two smaller bedrooms. This main bedroom is a serene retreat, perfect for relaxation. Additionally, there is a versatile study that can be used as a home office or reading room. Two full bathrooms provide ample space for getting ready in the morning. The kitchen has been completely remodeled with modern steel appliances, ample cabinetry, and new countertops. A stylish tile backsplash adds a touch of sophistication to the space. The kitchen is perfect for cooking up a storm and entertaining friends and family. One of the bedrooms has been left open and is currently being used as a second sitting area, but it can easily be enclosed to create a private bedroom if needed. A convenient laundry room has been added, complete with countertop space and cabinets for storing laundry supplies. An office has been created from the former enclosed garage area, providing a quiet and private space to work from home. To ensure comfort in this space, a mini-split air conditioning system has been installed, along with an air duct hose in the attic. The office also has access to a storage area, perfect for keeping important documents and office supplies organized. The backyard of the property has been transformed into a stunning outdoor oasis. A brand new inground pool has been installed, surrounded by concrete and a new privacy fence. The covered patio area is perfect for relaxing and entertaining, and it conveys with the property. A two-car carport provides ample parking space, and double doors leads out to the backyard, creating a seamless transition between indoors and outdoors.
Source: SABOR #1909656
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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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