There are those neighborhoods that have so much charm and grace, every home is a little bit different, every section has its own vibe, with generations coming back from all corners to once more enjoy that which they loved. Argyle Heights is that very special place. Situated just two miles from the abundance of Downtown Fredericksburg to include dining, shopping, battlefields, University of Mary Washington, the Rappahanock, and so much history--there really is no place like it. Sitting on a third of an acre, 109 Sussex St. is an all Brick Cape Cod which offers 4 BRs (LL NTC) and 2 Full BAs on three skillfully remodeled levels of which, the main level offers everything needed to live on one level if one prefers the convenience of such a set up-the well-appointed kitchen which is a dream for any chef--remodeled with two-tone 42" cabinets with pantry, pull-out shelving, two corner lazy-susans, and separate coffee bar area, large peninsula for seating up to four people, upgraded counters, commercial grade Kitchen Aid Gas Stove with Vented Hood and matching Dishwasher and built-in Refrigerator. An additional area for dining is part of this space as well as a side entrance. There is an expansive and separate LR which can be accessed from the kitchen or front entrance. Also on the main level is the very large guest room with original parquet floors and huge closet, and the third bedroom which is being used as an office. The fully renovated bathroom has a tiled walk-in shower with bench, large vanity, and Washer/Dryer. The upper level primary suite has an ample bedroom to one side with separate sitting area, room for an office, and a reading nook. The other side has a fully tiled bath with free-standing soaking tub, separate shower, two pedestal sinks ,dressing area with ironing station and a double walk-in closet. Full of luxurious privacy, there is only one barn door which leads to this Retreat. The Lower Level has been finished with the fourth and fifth bedroom (NTC but a permit can be completed to install two egress windows) once which has a very useful gas fireplace, coming in handy during those cold winter months, and another which was being used as an exercise room. Both rooms have LVP. The other half of the lower level is a work area for the avid DIY guru. There are stairs leading to the fully fenced in (black aluminum) backyard which has two gates one leading to the driveway and and additional cargo gate. On cool evenings, relax under the stars and the two-level pergola. Both inviting and soothing, this space was meant to serve as the ultimate and cozy entertainment extension which mirrors the interior space. The house has a detached brick three and a half car garage for parking two cars in the front bays and many toys in the side entrance with a loft above which is partially finished and could be finished as living space. Roof on Garage was replaced in 2018 and the Roof on the house is also fairly new. The Dual Zone heat pumps are bi-annually serviced by Robert B. Payne with one having been replaced in 2021 (Trane) and the other having a replaced line in 2022 and both functioning at full capacity. NEW HWH (2024) There is a sump pump with newly installed battery back-up. The home has been freshly painted in a neutral palette, has reclaimed barn wood flooring from Fraser's (local wood artisan) on the upper level and refinished hardwood floors on the main level. All doors are six panel and hardware has been updated to matte black. With one level living, if desired, or all three levels- this home is a perfect fit. Conveniently located, no HOA (though pride of ownership and well-manicured lawns abound), a walker or runner's dream, in a lovely and friendly community which is the best of all Fredericksburg has to offer.
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.
