Welcome to 119 Washington Street, a beautifully cared for three bedroom, two bath rambler that feels like home the second you step inside. With Cornwallis Beach just a short walk away, you’ll love having the lake right around the corner. Step inside to a light filled living room with abundant windows that brighten the space and make it feel inviting from the start. The cathedral ceiling adds height and openness, creating a comfortable room you’ll love coming home to.. The double-sided gas fireplace is the heart of the home, and is a cozy connection between the living room and dining room. Hardwood floors add charm and a clean, classic feel as you move through the space. The dining room flows into the chef’s kitchen, where you’ll find gas cooking, updated appliances, and a pantry that keeps everything organized and within reach. Just off the dining room, step outside to a patio with a retractable awning, plus a walkway leading to a charming gazebo, a perfect spot for morning coffee, weekend gatherings, or a quiet moment at the end of the day. This home offers a split-bedroom layout with three oversized bedrooms, giving everyone their own space. The primary bedroom feels like a true retreat with a walk-in closet and a private ensuite bathroom featuring updated vanity space. The two additional bedrooms are generously sized, and every closet in the home includes an organizing system to keep life simple and clutter free. Designed with accessibility in mind, the home includes wheelchair ramps at both the front entrance and the interior garage entry. The guest bathroom is ADA compliant and includes a roll-in shower, offering comfort and ease for many lifestyles and needs. An oversized garage with extra storage gives you room for tools, hobbies, and gear, while the shed is perfect for lawn equipment and seasonal items. This home also offers a VA assumable loan at 2.5%, making this an exciting opportunity in today’s market. Lake of the Woods offers a picturesque lakeside lifestyle with an array of amenities to enjoy. At its heart lies a stunning 550 acre lake, perfect for fishing, water sports, or simply unwinding by the shore. Golf enthusiasts can tee off at the PGA course, while equestrians take advantage of scenic riding trails and a dedicated riding ring. The clubhouse provides the ideal setting to dine on the deck, savoring breathtaking sunsets as boats drift by. Beyond its amenities, this welcoming community thrives on connection, fostering friendships through engaging events and diverse clubs. With gated entrances and security patrols, residents enjoy both tranquility and peace of mind. More than just a place to live, Lake of the Woods is a vibrant retreat where nature and camaraderie come together, creating unforgettable experiences at every turn. Conveniently located in the heart of Locust Grove, this home offers easy access to shopping, dining, wineries, and historical landmarks for those who love history. Plus, with nearby commuter routes, traveling to surrounding areas is effortless. Discover the charm of this exceptional lake community. Call me today to schedule a tour and envision making it your home!
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.
