Welcome to this charming and beautifully updated detached home in the highly desirable Observation Heights neighborhood, just moments from downtown Gaithersburg. Blending historic character with modern upgrades, this light-filled residence offers spacious living areas, timeless architectural details, and exceptional outdoor living. The inviting front porch sets the tone for this warm and welcoming home. Inside, you'll find soaring 10-foot ceilings, hardwood flooring, abundant natural light, and classic architectural charm throughout. The main level features a spacious living room, formal dining room, private home office, and a convenient powder room. The recently renovated kitchen serves as the heart of the home, featuring granite countertops, stainless steel appliances, recessed lighting, ample cabinetry, generous table space, and a newly added exhaust vent for enhanced functionality. The kitchen opens seamlessly to the screened porch and flagstone patio, creating the perfect indoor-outdoor living experience. Enjoy entertaining, gardening, or simply relaxing while overlooking the expansive, fully fenced backyard. The outdoor space has been thoughtfully enhanced with a newly installed fence, additional gravel parking area, and a second storage shed, providing exceptional flexibility, convenience, and storage. Upstairs, you'll find four bedrooms and a full hall bath. Pull-down attic access provides abundant additional storage space. Recent improvements include a remodeled kitchen, updated HVAC system, architectural shingle roof, exterior paint, smart thermostats, plantation shutters, ceiling fans, and added attic and basement insulation for improved energy efficiency. Observation Heights is one of Gaithersburg's most charming and walkable neighborhoods, offering easy access to local restaurants, coffee shops, boutiques, parks, playgrounds, and community events. Nearby attractions include Bohrer Park, the Gaithersburg Aquatic Center, walking and biking trails, mini golf, and the skate park. Commuters will appreciate convenient access to the MARC Train, Metro connections, major bus routes, MD-355, and I-270. This rare move-in-ready home combines historic charm, modern updates, energy-efficient improvements, abundant storage, ample parking, and an exceptional location in the heart of Observation Heights
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.
