6420 SE 88th St Oklahoma City, OK 73135
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About this home
7 Reasons to view this property without delay: 1) Price. The exact same newbuild floor plan deeper in the neighborhood has a newbuild price of $339,540.00. Due to issues out of their control, the sellers are taking a loss to sell the property fast. The new buyers will pick up the appreciation once the pocket neighborhood is completed. 2) Condition & Warranty: The property is in pristine condition. There are zero projects to be completed. No touch ups needed either. It will pass the smell test, the eye test, the appraisal test and the home inspection test with flying colors. The transferable builder's warranty is still in force. 3) Neighborhood Location: It is a small pocket neighborhood at the end of the SE 89th street cul de sac and has acreages rather than other neighborhoods surrounding it. The vibe is country in the metro. It is truly lies on the edge of the metro and the country. 4) House Location: It is a corner lot at the front of the neighborhood, by the pond and a block from the park, splash pad and soccer field. 5) Abbot Lake: It is a small lake or a very large pond that existed before the neighborhood was constructed and has been strategically ringed with trees and grasses. While parts of it can be fished from the bank. The majority of the pond is only fishable by kayak. This eliminates non-inhabitant uninvited visitors from over-pressuring the fish. There are mature bass, perch and crappie in its waters. 6) Assumable Loan: A rate of 5.125% is available to be assumed with a standard sized downpayment...civilians and veterans both qualify. 7) Equity and Appreciation: There is room to add to the purchase price to finance substantial amounts of closing costs and/or downpayment if the buyer does not want to assume the loan. This is a perfect situation for qualified buyers who good on the approval side and are a tad low on cash.
Source: MLSOK #1196575
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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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