Three finished levels, fresh paint, a fenced backyard, and a location that keeps everyday essentials just minutes away. You'll appreciate the welcoming front entry and convenient setting in one of Lake Ridge's most established neighborhoods. Fresh paint throughout the home and new carpeting throughout create a bright, refreshed interior that's ready for your personal style. Inside, the open-concept layout connects the living, dining, and kitchen areas, creating comfortable spaces for everyday living, entertaining, and everything in between. The kitchen combines style and function with granite countertops, abundant cabinet storage, and a layout that keeps you connected to the main living areas. Natural light pours through the windows, brightening the interior. Upstairs, you'll find 3 comfortable bedrooms, including a spacious primary suite with its own private bath. A second full bath serves the additional bedrooms, while two half baths on the main and lower levels add flexibility for guests and busy households. The walk-up basement is partially finished and ready for whatever fits your lifestyle best. Create a recreation room, fitness area, media space, playroom, home office, or hobby room while still maintaining valuable storage space. Direct access to the backyard makes it easy to move between indoor and outdoor living. The fenced backyard is ideal for pets, outdoor dining, gardening, or simply enjoying a quiet evening under the trees. The private outdoor space adds another layer of versatility that's increasingly difficult to find at this price point. Location is a major advantage here. You're minutes from Chinn Park Regional Library, Lake Ridge Park and Marina, and numerous walking trails and recreation areas. It’s also a quick access to Prince William Parkway, Old Bridge Road, Route 123, and I-95, connecting you to Northern Virginia, Fort Belvoir, Quantico, and Washington, D.C. If you're looking for space, functionality, and a location that keeps you close to everything Lake Ridge has to offer, this home is ready to deliver.
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.
