This multi-level charmer blends thoughtful updates with a flexible layout in a community that feels like home from the moment you arrive! Set on a quiet Holleybrooke community street, 10421 Chesterwood Drive in Spotsylvania makes the most of its interior design with inviting spaces, natural light in all the right places and a floor plan that adapts to everyday living. The exterior sets a welcoming tone with cream siding, green shutters and doors, a spacious front yard with streamlined landscaping and an asphalt driveway offering easy access. Out back, a sliding glass door off the dining room leads to a composite deck overlooking the yard, where a second sliding glass door on the lower level provides another easy outdoor connection. Step inside to find brand-new carpet and fresh paint throughout and a main-level living room anchored by a cozy gas fireplace. Just a few steps up, the dining area and kitchen sit under a vaulted ceiling with skylights that brighten the entire space. The kitchen is well-appointed with medium brown cabinetry, granite countertops, stainless steel appliances including a newer refrigerator, neutral flooring and plenty of storage. Down the hall are three bedrooms and two full baths. The hall bath offers a tub and shower combination with a single sink, while the primary suite boasts a cathedral ceiling, a walk-in closet and its own ensuite bath with a tub/shower combo. Note that one of the secondary bedrooms has tons of closet space! The lower level adds even more versatility. A spacious recreation room serves as the hub, flanked by an additional room ideal for a home gym, hobby setup or quiet office nook. This level also offers a bedroom, a full bath with a tub/shower combo and a utility room. The backyard is tranquil, offering a blank slate for gardens, play areas or future landscaping visions – the world is your oyster, folks! The HVAC has been updated within the last three years, providing peace of mind on the systems front. Residents of Holleybrooke enjoy access to a swimming pool, pavilion and playground, creating a true neighborhood vibe. Convenience is another hallmark here, with grocery stores and dining just five minutes away, larger shopping hubs like Cosner’s Corner within 15 minutes and downtown Fredericksburg and the Spotsylvania VRE less than 20 minutes! From its new carpet to classic Spotsylvania community to incredible convenience, 10421 Chesterwood Drive is truly a must-see!
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.
