This is an exceptional opportunity to own a truly unique home and a rare piece of history. This beautifully renovated 19th-century carriage house offers 3 bedrooms and 2 full baths, blending historic character with modern convenience. The main level features an open floor plan ideal for entertaining and everyday living, complemented by a beautifully remodeled kitchen and updated bath. Upstairs, you’ll find three bedrooms, a full bath, and a versatile multi-use family room. Several skylights flood the upper level with abundant natural light, creating a bright and inviting atmosphere throughout. Perfectly tucked away on a quiet side street, you are just three blocks from the vibrant shops and restaurants of King Street and only a few blocks in the opposite direction from the King Street Metro. Currently zoned CL (Commercial Low), this property offers outstanding flexibility and investment potential. The City of Alexandria’s CL zone is designed for low-intensity commercial, office, and service uses while serving as a transition to residential areas. Permitted uses include single-unit, two-unit, and multi-unit dwellings, townhouses, as well as small-scale office or personal service businesses. With two separate front entrances already in place, the home lends itself to creative possibilities — whether continuing as a single-family residence, converting to multiple units, or incorporating an approved business use. A rare offering that combines historic charm, prime location, and exceptional versatility. Assumable VA loan. Loan balance approximately $657,000. Interest rate 3.375%. The seller is willing to allow a qualified veteran to assume the existing loan in order to have the VA entitlement reinstated.
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.
Yes. Non-veterans can assume a VA loan, provided they meet the lender’s VA criteria. When a qualified buyer assumes a VA mortgage from a veteran or active-duty service member, the seller’s VA loan entitlement remains tied to the assumed loan until the buyer pays off or refinances the loan. This process restores the veteran seller’s entitlement, enabling them to use their VA benefit for a future home purchase.
Yes. All FHA loans are assumable by law as long as the buyer meets the FHA’s credit, income, and qualification requirements and obtain lender approval before assuming the loan (per FHA regulations effected December 15, 1989). Roam makes this process simple for buyers.
Generally, conventional loans are not assumable. In rare cases, a conventional loan may be assumable with lender approval. Use our search tool to find homes with assumable low-rate loans, or reach out to us if you’d like to confirm a specific home’s assumability.
