Assumable FHA 3.625% loan. $2202.22 PITI ! Call listing agent for more info! Open House Saturday May 9th 11-2pm. Wonderful Value in Woodbridge! Beautiful move-in ready 3-bedroom, 2.5-bath condominium with a one-car garage offering over 2,300 square feet of well-designed living space in an enclave area of two condo buildings. This spacious multi-level home features an open yet traditional floor plan, ideal for both everyday living and entertaining. The large living room provides a versatile space that can be used as an expansive gathering area or shared with a dining room. These rooms were recently painted the neutral color matching the kitchen and breakfast area. A convenient half bath is also located on the main level. The gourmet kitchen includes a large island with seating, abundant storage, granite countertops, stainless steel appliances, wood flooring and tall maple cabinetry, along with a breakfast area and adjoining family room. The home features a natural flow between living spaces, offering flexibility and ease of movement throughout. Large windows and balcony access provide abundant natural light, while the surrounding setting offers a peaceful outdoor environment. Additional features include upper-level laundry with front-load washer and dryer, blinds throughout, a private balcony with tree views, a one-car garage with opener, and driveway parking. The primary bedroom suite includes a large walk-in closet and an en-suite bath with double vanity and oversized walk-in shower. Two additional bedrooms are generously sized with full closets and windows. The upper-level hall bath includes a shower/tub combination and vanity. Ideally located near shopping, medical facilities including Sentara Hospital, and major commuter routes. The Amtrak/ VRE commuter train (Rippon Station) is located within approximately one mile, with convenient access to Prince William Parkway, Dale Blvd, Opitz Blvd, Route 1, and I-95. Nearby attractions include Stonebridge at Potomac Town Center, Potomac Mills Mall, Occoquan Regional Park, Mason Neck, Lake Ridge Park, and the Potomac Heritage National Scenic Trail. Additional features include a motion detector flood light, Ring doorbell with camera, and exterior garage camera that convey. This property qualifies for the United Bank Welcome Home $10,000 Grant. Contact listing agent or lender for additional information.
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.
