An end unit townhome on a cul de sac with amazing views of the woods and protected wetland. Enjoy views from your 12x16 maintence free composite deck, primary bedroom, family room, kitchen and dining room. That is what 10509 Tea Olive Circle is all about! Built in 2010, this one owner home features over 2200 sq on two levels. The primary bedroom and ensuite bath with easy entry shower are on the first level. Upstairs is a loft overlooking the vaulted family room, a second bedroom, which is as large as most primary bedrooms,has a crystal chandelier, a third bedroom has a nautical ceiling fan. A full bath with a tub and shower which are shared by the two upstairs bedrooms. There are walk in closets in all three bedrooms. The loft is ideal for hobbies, office or just to chill with a book! The family room and dining room have engineered cherry hardwood flooring. You will love the kitchen! It has granite countertops, tile back splash and recently purchased GE Cafe upgraded appliances including a top end refrigerator, double wall oven, double dishwasher, and microwave. Entertain guests and family in the large formal dining room with bay window. The kitchen and baths have ceramic tile flooring. Wall mounted televisions convey as well as the LG washer, LG dryer, plantation shutters, bar stools and ceiling fixtures. The GE water heater is brand new. A Dirt Devil central vac is a rare find. The one car garage extends to a cement driveway that can park two cars. Cox provides fiber optic high speed internet and cable. A pool at the Royal Kent Golf Course, irrigation management, trash removal, snow removal of the streets and exterior maintenance of the townhomes is provided as part of the monthly HOA fee. Oakmont Villas is in close proximty of two golf courses (Royal New Kent and Brickshire)and Colonial Downs. Ideally situated between Richmond and Williamsburg, your options for dining, entertainment, shopping and medical services are expanded. Come home to 10509 Tea Olive Circle!
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.
