🚨 RARE FIND: Assumable 3.625% Mortgage Built in 2017 and nestled within the prestigious gated community of Oak Creek, 13807 Shannock Lane offers an exceptional blend of elegance, comfort, and modern convenience. Lovingly maintained by its original owners, this impressive residence showcases over 5,600 square feet of thoughtfully designed living space, ideal for both everyday living and memorable entertaining. A dramatic two-story foyer welcomes you inside, where rich hardwood flooring, abundant natural light, and refined finishes create an inviting first impression. The main level features a seamless flow between the formal dining room, spacious family room, and sun-filled morning room, creating the perfect backdrop for gatherings large and small. At the heart of the home, the gourmet kitchen is designed to inspire. Granite countertops, stainless steel appliances, abundant cabinetry, a walk-in pantry, and generous prep space combine beauty and functionality, making it equally suited for weeknight meals and holiday celebrations. Upstairs, the expansive primary suite serves as a private retreat, complete with a luxurious en-suite bath and ample closet space. Additional bedrooms are generously sized, offering flexibility for family, guests, home offices, or creative spaces. The finished lower level provides exceptional versatility with expansive recreation space ready to accommodate a home theater, fitness area, game room, or multigenerational living arrangement. The possibilities are endless. Outside, enjoy a spacious backyard with room to relax, entertain, and create your own outdoor oasis. A side-entry two-car garage and additional parking pad provide everyday convenience, while the home’s solar panel system helps enhance energy efficiency and reduce utility costs. Residents of Oak Creek enjoy access to a premier collection of community amenities, including walking trails, a clubhouse, and the renowned Oak Creek Golf Course. Conveniently located near shopping, dining, commuter routes, and everything the Washington metropolitan area has to offer, this remarkable home presents a rare opportunity to enjoy luxury living in one of Prince George’s County’s most sought-after communities. Welcome home.
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.
