102 Monroe St
Locust Grove, VA 22508
4 beds · 3 baths · 1,800 sqft
$479,900
Get prequalifiedAbout this home
Prime Location – Walk to Clubhouse, Private Beach & Pool Access! ***Assumable Mortgage with rate at 2.7%!!**** Welcome to your dream home in the amenity-rich, lake-centered community of Lake of the Woods. Just blocks from private lake access and the Clubhouse, this award-winning Reese model sits on a beautifully level .34-acre lot backing to a serene tree line. Ideally located near the front gate for convenience and easy access. Step onto the inviting covered front porch and enter a bright, open-concept floorplan designed for modern living. The flexible front room offers endless possibilities—use it as a formal dining room, home office, or sitting area. A central hallway leads past a guest powder room to a spacious family room, seamlessly connected to the gourmet kitchen with center island and sunny breakfast nook—perfect for entertaining or everyday living. Upstairs, you'll find a luxurious owner’s suite with an oversized walk-in closet, dual vanities, a garden soaking tub, and a separate tiled shower. Three additional large bedrooms, a dual-vanity hall bath, upstairs laundry, and a generous linen closet provide space and convenience for the whole family. The expansive unfinished basement is fully conditioned and ready for your customization—ideal for future living space, home gym, or theater. Upgraded finishes throughout include Granite countertops, Soft-close cabinetry, Hardwood floors, Designer tile in the owner's bath, and much more. Don't miss this rare opportunity to live just steps from the water, clubhouse, and community amenities in one of the most desirable neighborhoods in Orange County.
Source: BRIGHT #VAOR2009970
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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.
Roam is committed to and abides by the Fair Housing Act and Equal Opportunity Act.
Locust Grove, VA 22508
4 beds · 3 baths · 1,800 sqft