8031 Abbott Rd Brown City, MI 48416
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About this home
Great opportunity! This amazing home is situated on almost 5 acres with mature trees and has a park like setting. Step inside and find an open floor plan with custom made kitchen cabinets, large pantry, stone tile counters & all kitchen appliances are included (washer and dryer too). The ceilings are vaulted with lots of natural light from skylights. Stay warm with the woodstove in family room which can heat the entire home. Another nice upgrade is the maintenance free bamboo flooring. Outside you will find a newer steel roof on house & the garage plus newer siding on home. The full finished basement has 9’ ceilings with daylight windows for even more living space. Entertain at the basement bar and eating area, which is a perfect area to have as a rec room. There is also an additional room with a closet that could be made into a 4th bedroom. Out front there is a nice size front deck, along with one off the dining area. The oversized garage is 30x40 and includes a concrete floor, electric, wood burner (not currently being used) and ample space for extra storage. There are several trees that create privacy from the road as well over 20 apple trees that line the side road. Look out back and enjoy the deer and wildlife! Imlay City school district.
Source: REALCOMP #20251043409
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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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