Priced to sell with an assumable VA loan at an incredible 2.25% interest rate for qualified buyers and seller will consider concessions with a strong offer! Welcome home to this inviting and expanded 4-bedroom, 3-bathroom single-family home in the sought-after Lake Ridge community. This bright and spacious 2116 sq ft home offers fantastic flexibility with a finished walk-out basement-perfect for growing families, multi-generational living, a home office, and entertaining guests. Step inside and you'll immediately notice the natural light pouring in, creating a welcoming atmosphere for daily life and gatherings. The main level features an updated kitchen with granite countertops, stainless steel appliances, and beautiful hardwood floors that flow seamlessly into the living and dining areas, creating a bright, open feel perfect for daily routines and entertaining. A convenient main-level bedroom with full bath provides excellent versatility for visitors, aging parents, or a private home office. Upstairs, you’ll find two additional bedrooms and a full bathroom. Downstairs, the finished walk-out basement includes a large recreation room, a fourth bedroom, and another full bath — ideal for a family room, media space, gym, or guest suite. Enjoy the impressive new 2-story deck system—one off the main level and another from the basement—perfect for outdoor dining, relaxing, or hosting gatherings. Recent updates include a newer roof, windows, and upgraded fixtures throughout, delivering modern comfort and long-term peace of mind. The home sits on a quiet street and backs directly to Lake Ridge Elementary School playground and open space, giving you privacy with the added convenience of a top-rated school right behind you. It offers easy access to the Lake Ridge Marina waterfront trail, providing a beautiful connection to the Occoquan Reservoir for walking, biking, and waterfront enjoyment. Located in amenity-rich Lake Ridge, you’ll enjoy community pools, tennis & pickleball courts, walking trails, playgrounds. This home offers the perfect blend of thoughtful updates, flexible living space, and an outstanding community lifestyle. Come see why this could be the perfect fit for your family!
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.
