*Open Houses: 1-4 PM Sunday, February 8.* This charming three-level condo offers a spacious layout, thoughtful updates, and a welcoming feel from the moment you enter. You enter to a dramatic two-story foyer with slate tile flooring and an open main level designed for both everyday living and entertaining. The bright living and dining areas are enhanced by fresh paint throughout, doors to a balcony and are open to the kitchen which includes granite countertops, upgraded stainless steel appliances, and a convenient double sink. A full-size washer and dryer add everyday convenience. The primary bedroom offers a peaceful retreat with crown molding, a ceiling fan, a walk-in closet, and an en-suite bath. Recessed lighting and window treatments throughout the home add warmth and polish. The unit conveys with all essential appliances, including a built-in microwave, dishwasher, disposal, oven, refrigerator, and water heater. Central air conditioning and forced-air heating ensure year-round comfort. Two assigned parking spaces, a visitor pass, and two gate keys are included. The monthly HOA fee of $465.36 covers water, trash, lawn and exterior maintenance, snow removal, pool and recreation facilities, security, and a master insurance policy—providing a truly low-maintenance lifestyle. Located within the gated Gates of Fair Lakes community, residents enjoy access to an outdoor pool, fitness and party rooms, and beautifully maintained common grounds. The community is situated in Fairfax, less than 20 miles west of Washington, D.C., in a vibrant, commuter-friendly area known for top-rated public schools, welcoming neighborhoods, and a charming downtown atmosphere. Convenient access to the Vienna/Fairfax-GMU Metro (6.9 miles), Washington Dulles International Airport (12.1 miles), and Reagan National Airport (23.8 miles) makes commuting easy. Shopping and dining are just steps away, with the Shops at Fair Lakes only a five-minute walk and additional centers close by. Nearby schools include Greenbriar East Elementary, Lanier Middle School, and Fairfax High School, with George Mason University also nearby. With its generous layout, modern features, and gated community amenities, this Gates of Fair Lakes condo offers an exceptional opportunity for comfortable and convenient Fairfax living.
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.
