Nestled in the charming community of Cape St. Claire, this delightful raised ranch home offers a perfect blend of comfort and convenience, making it an ideal retreat for those seeking a vibrant neighborhood lifestyle. With 4 spacious bedrooms and 2 full bathrooms, this residence boasts a generous 2,327 square feet of living space, perfect for gatherings or quiet evenings at home. The main floor laundry adds to the ease of living, ensuring that daily tasks are a breeze. Step outside onto the expansive screened in porch where you can enjoy morning coffee or evening cocktails while taking in the serene surroundings. Cape St. Claire is renowned for its community spirit and access to the beautiful Magothy River. Residents can enjoy a community pool, perfect for those hot summer days, and the nearby parks offer ample opportunities for outdoor activities, picnics, and leisurely strolls. The neighborhood is designed for an active lifestyle, with walking trails and green spaces that encourage exploration and connection with nature. The community is also well-served by public services, making daily life convenient and stress-free. Living in Cape St. Claire means embracing a lifestyle enriched by water features and community amenities. Whether you're kayaking on the river, enjoying a swim at the community pool, or simply relaxing in your backyard, this home offers a unique opportunity to create lasting memories in a welcoming environment. With its prime location, spacious layout, and community-focused amenities, this property is more than just a house; it's a place to call home. Experience the warmth and charm of Cape St. Claire, where every day feels like a getaway. The home is wired for a generator, however, a generator is not included. Existing VA loan may be assumable for qualified buyers subject to lender approval. Contact listing agent for current interest rate, loan balance, assumption requirements and timeline.
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.
