NEW YEAR! NEW PRICE!! Looking for an ASSUMABLE LOAN UNDER 3% look no further!! The ASSUMPTION OF THE LOAN IS ONLY FOR VETERANS WITH ADEQUATE ENTITLEMENT. First Time Homebuyers are welcomed. There are programs available for first time home buyers, However, Veteran or not this home is great for anyone. Welcome to 10614 Observatory Place, a beautiful and meticulously maintained end of row townhome offering the perfect blend of modern comfort and charm. Nestled in a highly sought-after Westphalia Town Center, this spacious 3-bedroom, 2 full and 2 half bathroom residence provides plenty of room for growing families or those who love to entertain. The lower level has a bathroom upon entry from the two car garage. The lower level space could be used as an office, workout room, or both. The high 9 ft ceilings, hardwood flooring, floor to ceiling windows and doors with custom shades provides unmatched character to this home. The custom built in bookcase in the living room makes it easy to enjoy reading. An open, light-filled living room that seamlessly connects to the dining area is ideal for hosting guests. The kitchen boasting sleek granite countertops, an expansive island, and stainless steel appliances makes this perfect for entertaining . The beautiful cabinetry and ample storage space adds comfort to this home. The Master Suite Retreat features a generous walk-in closet and a luxurious en-suite bathroom with dual vanities and a spacious spa-like shower. Two additional nice size bedrooms also on the upper level. Upper level laundry for convenience. Two-Car Garage – Convenient and spacious for all your storage and parking needs. Ready for the outdoors....enjoy your evenings on the deck with a privacy partition and a retractable awning. Prime Location: Located just minutes from Andrews Air Force Base, shopping centers, and dining options. This home offers both tranquility and convenience. The community is friendly and welcoming, with easy access to major highways. There is access to the new pool just through the courtyard (perfect for summer relaxation)m a dog park, and recreation center. The Westphalia Community center also nearby with tennis courts, basketball courts, and a great park. SELLER PREFERS TO USE TRUSTED TITLE GROUP
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.
