6+ BEDS AND 5 FULL BATHS with over 7700 Square Feet of finished living! Private setting in the center of Edgewater! This is a Waterfront home on 10.77 acres off of Beards Creek and located in Scotts Cove. It has a private pier and 2 boat lifts. Mean Low water is 18 inches. It features 665 ft of creek front. The tide does not accommodate a large boat, mostly kayaks and small watercraft. There has been neighborhood talk of dredging. This home is for somebody looking for privacy as it is located on its own "little peninsula", NO HOA, R-2 ZONING, surrounded by wooded conservation easement ( the previous owner put into place with the county) - roughly about 9.12 acres worth are conserved. This house is ready for your own personal touches to make it more spectacular! Window views throughout most of the rooms facing the water! Many special details: '22 New Elevator, Newly installed 4 Geo Thermal heat pumps '22-23- 5 zones, '23 Tankless Water heater, '3 working Steam Showers -2 on upper level and one in the basement, 24 Well line, '22 all new decking (railings need work) '20 Deck Swim Spa, 2018 Whole House Generator., 108 Solar panels owned and so much more! This is a Natural Cedar Siding home, which is very indigenous to the wooded surroundings. Needs to be maintained regularly for it to shine! Wonderful and convenient location- located off of Route 2 south, Near Lee Airport, Village at Lee Airport for shopping and many restaurants, including Yellowfin and close to Route 50 and 97 for easy access commuting! Down town Annapolis is Minutes away as well as a quick drive to Bowie, BWI and Washtington DC!
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.
