708 Rosemont Ave Wilmington, NC 28403
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About this home
Come and see this incredible investment opportunity with 2 homes on a large lot spanning just under half an acre, all located a short bike-ride or walk from Empie Park, Independence Mall, UNCW, and the Cross City Trail. This property includes 2 homes, each with its own mailing address, completely separate driveways, and fence to divide the two yards. There is plenty of parking on site for both homes with driveway access from two different streets. The front home, 708 Rosemont Avenue (1,220 sq ft) has been completely updated to include a beautiful kitchen and bathrooms, encapsulated crawl space with dehumidifier, insulated windows, and tasteful fixtures and paint selections throughout. The front home also includes 3 generous bedrooms and 2 full bathrooms, 1 of which provides a large walk-in closet and laundry connection. The rear home, 3230 Farmers Ave (830 sq ft), was built in 2010, and features a sun-filled living room with vaulted ceilings, full kitchen, bedroom on the lower level, bathroom, and a loft for additional space. Many upgrades throughout both homes, including updated kitchens and bathrooms, stainless appliances, refinished hardwood floors, outdoor showers at each, fenced yards, etc. This property provides incredible potential... long-term rental, short-term Airbnb/Vrbo for massive income, OR live in one house, and pay your mortgage with the income from the other house! Properties like this do not come on the market often, so come see this one before it's gone! Furnishings negotiable.
Source: NORTHCAROLINAREGIONAL #100528295
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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.
Roam is committed to and abides by the Fair Housing Act and Equal Opportunity Act.