79 Cross Timbers Dr Summerville, SC 29485
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About this home
Investor Special | Short Sale OpportunityThis Charleston Single-style home is full of charm and potential--but it's ready for a new owner to bring it back to life. Located in a desirable neighborhood with two classic double front porches, this 3-bedroom, 2.5-bath home offers strong bones, great layout, and character, but it does need TLC.Inside, the home features custom wainscoting in the dining room. The owner's suite opens to the second-story porch and boasts an oversized, walk-in shower with sliding glass door. The third floor can be used as a bedroom, office, playroom, or media space--endless possibilities.The HVAC system is currently not operational, and the property will require repairs and updates throughout. Sold strictly as-is. Additional features include a fully fenced backyard, and a detached 2-car garage with attic storage. The home also had a new roof in 2021 and new water heater installed in 2020. This is a short sale and will be subject to bank approval. A great opportunity for investors or buyers with vision looking to renovate and build equity.
Source: CTAR #25025055
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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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