This is the kind of no-HOA single-family home buyers keep hoping will hit the market: a charming Cape Cod-style home tucked at the end of a quiet cul-de-sac, with a big wraparound front porch, a fenced backyard that backs to trees, and curb appeal that actually feels warm and inviting before you even open the door. Inside, the floor plan gives you options from the start, including a main level bedroom and full bath, a comfortable family room, a formal dining area, and a kitchen with the right mix of charm and style, featuring two-tone shaker cabinetry, crisp white uppers, blue lower cabinets, quartz countertops, stainless steel appliances, a slide-in gas range, and a range hood. Upstairs, the primary suite is much larger than you expect in a home with this much character, with room for a king bed and a walk-in closet, plus a second generous bedroom and a refreshed upper-level bath. The lower level adds a whole second way to live, with a rec room anchored by a brick wood-burning fireplace, walkout access to the rear yard, a tucked-away office nook or storage area, and a huge laundry room with the kind of overflow storage that makes daily life easier. From the rec room, the fully climate-controlled four-season room extends the living space even further, finished with wide-plank LVP flooring and a built-in bar with stylish shaker cabinetry, then opening into the screened porch so the back of the home lives like one big indoor-outdoor hangout. It is the kind of setup that makes parties easier, game days better, quiet mornings prettier, and the backyard feel like part of the house instead of just something you look at. Outside, the new fence, private tree-lined backdrop, screened porch, one rear shed with electrical power, and 30 amp hookup that is perfect for a future EV charger add function, storage, and real-life convenience. Thoughtful updates include HVAC in 2021, new siding, new roof, new fence, new sunroom, updated kitchen finishes, refreshed baths, and new LVP flooring on the main and upper levels. Add in quick access to the Dale City Park and Ride commuter lot, I-95, HOV lanes, public transportation, Potomac Mills, Stonebridge at Potomac Town Center, Lake Montclair, grocery stores, restaurants, shops, Sharron Baucom Recreation Center, Hillendale Park, and more, and you get a home that feels cute, practical, private, and far more interesting than the cookie-cutter options buyers are tired of seeing.
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.
