Nestled in the charming Parker Gray Historic District, this exquisite loft-style apartment at Cromley Lofts offers a unique blend of modern luxury and historic charm. With its open floor plan, this residence is designed to create a warm and inviting atmosphere, perfect for both relaxation and entertaining. Step inside to discover a spacious open living, dining and kitchen area with Jerusalem limestone floors, accentuated by elegant finishes throughout the unit. The heart of the home features a stunning kitchen equipped with high-end stainless steel appliances, including a built-in range, self-cleaning oven, and energy-efficient dishwasher. The sleek design is complemented by a stylish disposal and a refrigerator that seamlessly integrates into the custom Bamboo cabinetry, ensuring a clean and sophisticated look. Cooking enthusiasts will appreciate the gas stove, perfect for culinary creations. The two generously sized bedrooms provide a serene retreat, each thoughtfully designed to maximize comfort and privacy. The two full bathrooms boast modern fixtures, including walk-in showers, dual flush toilets, and water saving faucets, ensuring both style and efficiency. The modern finishes extend to the laundry closet, featuring a stacked front-loading washer and dryer, making laundry day a breeze. Cozy up in the living room by the gas fireplace, which adds a touch of warmth and ambiance, perfect for those cooler evenings. The metal fireplace and screen design enhances the modern aesthetic while providing a focal point for gatherings. This property is not just a home; it’s a lifestyle! Enjoy the convenience of being two blocks away from King streets' shops and restaurants, a few blocks from three main grocery stores, less than 1 mile from 2 metro/subway stations, and 5 miles from National airport making every day living and commuting effortless. Built in 1910 and converted in 2007 from a historic warehouse into the first Alexandria Green Building Gold Certified boutique condo, the Cromley Lofts are a testament to quality and craftsmanship that speaks efficiency, durability and timeless appeal. Experience the perfect blend of luxury and comfort in this remarkable loft, where every detail has been thoughtfully curated to enhance your living experience. Embrace the exclusive lifestyle that awaits you in this vibrant community, where historic charm meets modern convenience.
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.
