If you’re seeking an exquisite waterfront retreat, this Potomac River diamond delivers: a custom Cape Cod with approximately 125 feet of pristine waterfront and drop dead sunset views. Featuring primary living on the main level, a renovated primary bathroom with a soaking tub , separate shower , handcrafted tiles, home office/ or bedroom, hardwood floors, and an open-plan layout, ideal for entertaining. Highlights include gorgeous natural lighting in every room, soaring ceilings, an indoor tiki bar set inside a parlor/game room, with lots of flexible upstairs spaces to include a sitting area , an additional bedroom, loft and a separate two-entry apartment, with a kitchenette, full bath room , a new sun deck and stairs , with a strong Airbnb potential. Numerous upgrades abound—tinted riverside windows, new fans and lighting, gas logs, all-new stainless steel appliances, new washer/dryer, a new deck trex( waterfront) , a 12,000-watt generator, hot-water heater, vapor-sealed crawlspace with new insulation and dehumidifier. Outside you’ll appreciate the 130-foot pier with electric and water, plus a jet ski lift and a 10,000-lb boat lift! While you’re watching those gorgeous sunsets, you can sit back in your brand-new 16-foot Michael Phelps swim spa! As you visit this home, the pride of ownership shines on each and every floor. This home is located near Swan Point where you can enjoy a round of golf or a seafood dinner at the yacht club , with the added bonus of Fourth of July fireworks over the water from Cobb Island or Colonial Beach. Approximately 70 miles to Washington DC. And approximately 19 miles to Virginia!
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.
