•••VETERAN ASSUMABLE VA Loan / 2.5% / $320,000 / Truist•••Welcome to 1120 Spain Drive, a well-maintained and updated 5BR, 3.5BA, 2 Level home with numerous upgrades, flexible living spaces and great outdoor entertaining areas. Exterior highlights include freshly sealed siding, UPDATED Roof with architectural shingles(2021), UPDATED 6” seamless gutters with gutter guards (2021), freshly sealed and painted exterior surfaces, covered front porch with vaulted ceiling, composite steps and vinyl railings, plus a paved driveway with additional parking pad ideal for a boat, RV, trailer or multiple vehicles. The main level features hardwood floors throughout the foyer, dining room, family room and multiple main level bedrooms. The foyer includes a coat closet and updated half bath with ceramic and marble tile flooring, furniture-style vanity and vessel sink. The formal dining room offers crown molding and chair rail, while the family room off the kitchen includes a wood-burning fireplace with stone surround, wood mantle and ceiling fan. The updated kitchen features ceramic wood-look tile flooring, granite countertops, ceramic tile backsplash, updated cabinetry with soft-close drawers and pull-out shelves, double-door pantry and appliance package including range with double oven,, built-in microwave, dishwasher and refrigerator with icemaker and door dispenser. The breakfast room with bay window opens to the rear composite deck and backyard. Two main-level bedrooms include hardwood flooring, ceiling fans and ample closet space, including a walk-in closet and garden window in Bedroom 3. They share the RENOVATED Jack-and-Jill full bath with designer tile flooring, furniture-style vanity, floor-to-ceiling tiled shower with rain showerhead, body sprays, recessed shelf and high-efficiency dual flush toilet. Upstairs, the primary suite includes a private balcony overlooking the backyard, walk-in closet and spacious bath with bay window, updated vanity, vessel sink and tub/shower combination. Two additional upper-level bedrooms feature hardwood or laminate flooring, ceiling fans and closet storage. The upper-level hall bath has been fully RENOVATED with designer tile flooring, furniture-style vanity, floor-to-ceiling tile surround, rain showerhead, body sprays, recessed shelf and linen closet. Additional features include UPDATED Pella double-pane vinyl replacement windows, Rheem tankless electric water heater, front-load HE washer and dryer with pedestals, pull-down attic access in the 2-car garage, backyard access from garage, large paverstone patio, planting beds and a mostly fenced level backyard. Located in Convenient Section One, seconds from the Front Gate & close to Business Office, Preschool, Cunningham Park, 5 blocks to the marina and fishing pier, and just a few blocks to Lyons Park, Government Island, Horse Stables, and the dog park, this home offers unmatched convenience along with full access to Aquia Harbour amenities. The abundant Aquia Harbour amenities include a 24-hour manned front gate and residents-only rear gate, two pools, state-certified police force, fire department, marina with boat ramp and fishing pier, kayak and canoe launches, golf course with pro shop, putting green, driving range, and the clubhouse restaurant, dog park, horse stables with riding areas and trails, secure storage lot, community garden, preschool, fishing park, and multiple additional parks with tot lots, tennis, and basketball courts. The community is surrounded by natural beauty with wildlife including deer, fox, bald eagles, and blue heron, and hosts events throughout the year such as Independence Day celebrations with parade and fireworks, Oktoberfest, outdoor movies, and more. ***Any Offer Submissions Need to be Received by Monday Night 5/25 for Review and Response on Tuesday 5/26***
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.
