Assumable VA Loan 3.375% Sitting on nearly 30 Acres in beautiful Caroline County, 3 finished levels await in this well appointed 2006 built Colonial. With an attached oversized garage, additional 3 bay workshop with 7,000 lb lift and 200 amp service, 50 amp RV hookup, and further storage sheds for all the extra toys! From the grand front porch you'll witness the hummingbirds at work or wrap up your days star gazing from the front lawn. Across the threshold an inviting 2 story foyer with charming slate floors and a well appointed main floor master means no steps up or down stairs after long days in the garden. The large Master suite boasts double walk in closets, jetted soaker tub, walk in shower and abundant light throughout. The kitchen at the heart of the main floor features unique marble countertops complementing the slate floors surrounding. Formal dining room to the one side, breakfast nook and bar seating to the left and easy access to the large deck overlooking trees and trails. An extra large 2 car garage mean quick access and unloading from the days fun. Conveniently just inside the garage entrance are the large powder room and laundry room with abundant cabinet space for extra storage. The family room with pellet stove insert allows for the warmth without the mess. The grand staircase within the 2 story foyer take us to the 2nd level landing and further well appointed bedrooms. The flexible floor plan with multiple bonus rooms, this home shows as 6-bedroom configuration, with 4.5 baths; septic designed for 4 bedrooms. Upstairs includes an au pair suite and attached bath with both soaker tub and walk in shower. The 3 additional bedrooms and full bath overlook the properties huge deck or surrounding grounds. Tons of storage throughout the home with multiple attic areas and tons of closet space on all 3 floors. Fully finished basement includes media room with Projector equipment conveying, an amazing space for a pool table, bar, or whatever you desire. Not one but TWO walkouts to the rear of property for outdoor entertaining, fireside gatherings or a stroll down established trails through the rolling acreage under a mature tree canopy. Lot is devisable, check with Caroline County zoning. Tax record does not reflect correct square footage of over 5400. Close proximity to downtown Fredericksburg and the convenience of 95 access mean local attractions are all at your reach. With room to roam indoors and out, versatility for all the hobbyists in your household and no HOA the property lends well to those desiring ample space, flexibility and privacy. More info to come and landing on the market before your July 4th celebrations! Celebrate the nations 250th anniversary right here where so much of that history was made in the greater Fredericksburg region.
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.
