709 N Spring St Palmyra, MO 63461
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About this home
Step into history with this stunning three-story Victorian, built in 1900, offering over 2,500 sq. ft. of character, charm, and modern updates. Perfectly situated on a corner lot within walking distance to downtown Palmyra, this home is the best of both worlds; timeless elegance meets everyday convenience. From the moment you enter the grand foyer, you’ll be captivated by the intricate original woodwork, soaring ceilings, and two ornate fireplaces. Spacious rooms flow seamlessly, with working pocket doors that add to the historic charm. The updated kitchen is a true centerpiece with custom cabinetry, stainless steel appliances, granite countertops, and a large butcher block island that’s perfect for entertaining. Both bathrooms have been thoughtfully updated, and there’s even a convenient main floor laundry. Upstairs, the second-floor landing makes an ideal sitting room or reading nook, while the home’s flexible layout offers three bedrooms with the potential for up to five. The third floor reno has been started and awaits your finishing touches, adding even more usable living space to this massive home. Other highlights include maintenance-free vinyl siding, double-pane vinyl replacement windows, and an outdoor storage shed that conveys with the property. This home isn’t just spacious, it’s an incredible value for the price. Whether you’re looking for room to grow, space to entertain, or a chance to own a piece of Palmyra’s history, this Victorian delivers it all. Sellers will provide a one-year home warranty with an acceptable offer.
Source: MARIS #25056916
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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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