OPEN HOUSE, SUN., MARCH 15TH, 12:00 TO 2:00PM. Welcome to 10808 Torrance Drive, a freshly painted, remodeled three-bedroom, three full-bath, and one half-bath townhome offering three levels of well-designed living space just 0.3 miles from Wheaton Metro and a short distance from Wheaton Mall. The home features an open layout with vaulted ceilings, skylights, expansive replacement windows, newly installed carpeting, and recessed lighting. The main level begins with a foyer featuring updated flooring and leads to a freshly painted living room with wood floors and crown molding that opens to the adjoining dining room. The dining room is accented by a modern chandelier and a custom China cabinet with display shelving. It flows into the renovated eat-in kitchen (2020), which includes quartz countertops, a stainless-steel appliance suite, brand new stainless steel Kitchen Aid refrigerator, a center island with breakfast bar seating, subway tile backsplash, soft-close cabinetry, a two-person workstation, and luxury vinyl flooring. The kitchen provides direct access to the composite deck (2025). A remodeled powder room (2020) and a coat closet complete this level. The upper level includes three freshly painted sun-lit bedrooms, two renovated full bathrooms (2020) with quartz vanities, and new carpeting. The primary suite features two wall closets and three additional closets with built-in shelving, vaulted ceilings, two skylights with blinds, a ceiling fan, a deep elevated accent ledge, and an en-suite bathroom with a glass-enclosed shower with a niche and a double vanity with two mirrors. The walk-out lower level adds flexible living space, including a family room with a corner fireplace and access to the lower wood deck. This level also includes a full bathroom, an updated laundry room, and garage access. Outdoor features include a front porch, a garage with a newer door, a new composite deck off the kitchen, and a new wood deck off the family room. The location offers exceptional convenience, close to Wheaton Metro (0.3 miles), Costco, Target, Giant, and Wheaton Mall, with dining, shopping, health clubs, and theaters nearby. The home is also blocks from multiple parks, Oakland Terrace Elementary School, home to the Spanish immersion program, minutes to Kensington’s Antique Row, and near Kenmont Swim and Tennis Club. This property offers a balanced blend of tranquility, accessibility, and architectural appeal in one of Kensington’s most sought-after neighborhoods.
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.
