2.5% ASSUMABLE LOAN (20% down and total payment less than $3900/month) *** LOW CLOSING COSTS *** 4.23 ACRES *** NO HOA *** HORSE PADDOCK and GARDEN AREA *** EQUIPMENT BARN *** Welcome to this Historic Charmer - a turn of the century well maintained home on 4.23 acres that features large porches for entertaining, 10 foot ceilings, custom tile in kitchen and bath rooms, 6 Bedrooms, 3 Full Baths, 2 Half Baths, 3 staircases, transom windows over doors, library, horse paddock, run in shed, tack room, equipment barn, gazebo, pool house and pool, plus original hardwood floors throughout the home. Better than New *** This is one of a kind in EXCELLENT condition on 4+ acres of peaceful privacy. This perfect location in a quiet rural Estate setting has previously been a successful Airbnb and could easily be used as a Wedding/Event Venue or enjoyed as a private residence. The large, mature trees are home to many varieties of birds that create a peaceful setting plus there is room for your horse, goats and chickens. ************************************************************************************************************** The home conveys with a recent roof and siding and warranty on both. For added protection, the house has been under a termite prevention contract for many years. 4.23 acres for animals, gardens, and RV/truck/equipment parking with no HOA, covenants or restrictions !! NO HOA !! This home is registered with the Maryland Historic Registry, CH-218, but is not encumbered by any restrictions. Enjoy the Open Beams in the kitchen, Antique Decorative Moldings and Transom Windows throughout, Stainless Steel Appliances, large and mostly fenced yard, corner lot, rural views. Infrastructure is very sound with 2 new gas/heat pump furnaces, 2 new central air units, 400 amp electric, wired for generator, drilled well, underground electric, FIOS Internet. *** Additional adjoining land available to lease if desired. ******* The property is located in the highly sought after school district of Dr. Thomas L. Higdon Elementary School, Piccowaxen Middle School and La Plata High School !! ***** Close proximity to Dahlgren, VA (11 miles), La Plata, MD (11 miles), Pax River (30 miles), Fredericksburg, VA (37 miles), Cove Point, MD (37 miles), Washington DC (38 miles), Alexandria, VA (39 miles). ***** Location History: The Town of Newport, Maryland Historic Registry, CH-786, was established when settlers migrated from St. Mary's City in the late 1600's to the New Port. Historic artifacts have surfaced from that era (circa 1710 - 1870). Agent has financial interest in property.
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.
