14201 Hicks Ln, Gordonsville, VA 22942
3 beds · 2 baths · 1,080 sqft
Don't miss your opportunity to snag this gem with built in equity. Priced under current appraised value. Nestled in a peaceful rural setting with panoramic peaceful views, this 3-bedroom, 2-bathroom home has plenty of potential for buyers looking to make it their own. This property offers a great opportunity for buyers looking to add their personal touch and build equity with some updates. The home features 1,080 square feet of living space with a spacious lot that provides plenty of room for outdoor activities. Several important updates have been completed in recent years, including a new drainfield, electrical wiring, roof, and water heater. While the home has good bones and essential upgrades, some areas could benefit from further updating. The kitchen and bathrooms would shine with some modern touches. Flooring and cosmetic details could also be refreshed to enhance the overall look and feel of the home. This is a great opportunity to construct your ideal home without breaking the bank. Gordonsville offers small-town charm with easy access to major roadways, making it a convenient location for commuting or enjoying nearby shops and restaurants. Not to mention access to high-speed Internet, which has become essential but is sometimes hard to find in a rual setting. This is a great opportunity for first-time buyers, investors, or anyone looking to create their ideal living space.
Source: BRIGHT #VAOR2009172
Source: BRIGHT #VAOR2009172
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.
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.
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.
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