Welcome to this exceptional waterfront retreat in sought-after Chesterfield! Situated on 1.8 acres along Lake Margaret, this stunning transitional-style home offers over 6,200 square feet of beautifully finished living space, including a walk-out basement. Step inside to find your dream home complete with engineered hardwood flooring throughout the main level. The 1st floor also features an office and a guest bedroom with a full bath, ideal for multi-generational living. The elegant living room showcases a cozy fireplace and stylish, modern décor with gleaming glass doors leading out to the deck, making it easy to extend entertaining or family time, to the outdoors. The kitchen takes center stage, complete with quartz countertops, SS appliances, a double oven, spacious center island, a breakfast nook, and not one—but two pantries for ample storage. And it opens to the living room, so you'll never miss out on any activities! You will be welcomed to the second level, where five generously sized bedrooms, including a primary suite with a luxurious spa-like bath, are waiting! Two bedrooms feature their own private baths, while two others share a convenient Jack-and-Jill bath. The finished basement has a spacious family room, a kitchen, a dining area and a bedroom! Walk out in your backyard, and enjoy direct access to the serene water of Lake Margaret. This is where waterfront backyard luxury meets relaxation. The backyard gently slopes to the water’s edge, offering direct access to the lake and uninterrupted, panoramic views that change with the light of day. Whether you’re enjoying a quiet morning coffee or hosting an evening gathering, the setting provides a picture-perfect backdrop every time. Designed for both leisure and recreation, the property invites you to fully embrace lakefront living by spending your days swimming, casting a line for fishing, or gliding across the surface on a paddleboard, as the sun reflects off the water. This dream home awaits! Make it yours! (7 brd, w/occupy of 10 for septic system)
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.
