8409 S 700 W Morgantown, IN 46160
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About this home
If you love and seek country living, then this is the one!! Secluded country ranch home sitting on a wooded ridge with walk out basement overlooking a nice sized stocked pond and woods - settled on 10 acres with all the amenities for quiet peaceful living. A small tributary creek of Indian Creek runs thru the back wooded acreage. You'll love the covered front porch, open deck out back and covered patio out back - lots of wonderful outdoor spaces to enjoy. 3 bedrooms and 2 baths on the main level along with a cozy great room, kitchen and dining area, plus the laundry. Two of the bedrooms have murals on walls for added charm. The Master Bedroom has two closets with nice deep storage and a master bath with double vanities and tub/shower. The nice size walk-out basement offers a large finished family room with brand new carpet. Perfect area for kids to play or a nice spot for entertaining and/or pool table. (Both the Great Room and Family Room have flue/vents to chimney available along with fire rated corner walls for installation of a wood/pellet stove, if wanted) Lot also includes a metal storage building that has an upper storage area with shelves and is approximately 20'x20' - could be used to house small farm animals. Seller is including a 30'x40' Steelmaster Building with heated floors that has not been erected, if the buyer wants it. The beautiful acreage is perfect for hunting, fishing, and hiking thru the woods - all just steps away from the back door of this home. Located in the highly sought after Indian Creek School Corporation and just outside of Morgantown, but still in Johnson County. Tankless water heater 2024, Roof 2013, Well Pump 2019, Newer Filtration on well. Opportunity is knocking again, don't wait to see this nature lover's paradise.
Source: MIBOR #22060095
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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.
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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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