Welcome to this charming Cape Cod on a desirable corner lot the highly sought-after Homewood neighborhood of Annapolis, where classic character meets modern comfort and convenience. Homes in Homewood rarely last long on the market thanks to the community’s prime location, strong demand, and close-knit neighborhood feel, making this a wonderful opportunity to own in one of Annapolis’ most desirable areas. This delightful home offers three bedrooms with the potential for a fourth bedroom in the fully finished basement, along with three full bathrooms, providing flexible living options for families, guests, or a home office setup. The finished lower level features a spacious recreation room, abundant storage, and a separate exterior entrance, making it ideal for extended family living, a guest suite, or additional entertaining space. The main living areas reflect the warmth and charm expected from a classic Cape Cod, while thoughtful updates ensure everyday comfort. The roof was replaced just one year ago, providing peace of mind for years to come. Heating efficiency and flexibility are a highlight of the home with two natural gas heating systems: Forced air system with heat pump, and Traditional radiators and baseboard heat. Outside, enjoy the private fenced in yard and patio, perfect for relaxing evenings, gardening, or entertaining. A detached two-car garage offers sheltered parking and additional storage. Located just minutes from downtown Annapolis, the U.S. Naval Academy, local restaurants, shopping, and waterfront attractions, Homewood is known for its tree-lined streets, charming homes, and incredibly strong resale demand. Properties here consistently attract buyers looking for walkability, community charm, and proximity to everything Annapolis has to offer. If you’ve been waiting for a home in Homewood, this is your chance to secure a property in a neighborhood where homes move quickly and opportunities are limited.
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.
