Welcome to 132 Pennick Drive in Stevensville, where easy one-level living meets the relaxed charm of a water-oriented community. This lovely rancher offers a thoughtful layout with two spacious bedrooms featuring their own ensuite bathrooms, plus a third bedroom and a full hallway bath, giving everyone their own space and comfort. Inside, you will find beautiful hardwood and luxury vinyl plank flooring throughout, creating a clean and cohesive look that is both stylish and low maintenance. The brand-new kitchen, completed in late 2025, shines with modern finishes and all new appliances, making it the perfect place to cook, gather, and entertain. Practical updates bring peace of mind, including a recently re-dug well with excellent water output. Step outside and enjoy your own private retreat. The in-ground pool is ideal for summer relaxation, while the double lot provides extra space, privacy, and possibilities. A rear ramp offers convenient accessibility, making this home comfortable for a variety of lifestyles. Located in a water-oriented community, this property combines the tranquility of the Eastern Shore with the convenience of nearby amenities. If you have been looking for accessible, single-level living with modern updates, outdoor fun, and room to breathe, this Stevensville gem is ready to welcome you home. This home is being sold STRICTLY AS-IS. The seller has put a lot of money into renovations including all new kitchen appliances and cabinets in 2025, new washer and dryer in 2024, full bathroom remodel in 2023 and new 100ft well in 2022. The pool is professionally maintained by Cal Pools in Stevensville. All windows and cabinets in sunroom convey with property.
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.
