Set in the water-front community of Long Point, this single-level 3-bedroom, 2-bath ranch offers nearly 1,900 square feet of space, character, and potential, paired with a lifestyle that most people only get on weekends. From the moment you step inside, the home feels open, airy, and filled with natural light. Cathedral ceilings and exposed wood beams carry through multiple spaces, giving the home a warm, elevated feel. To one side, the living room features hardwood floors, a large bay window, and easy flow into the kitchen and dining area, where a wood-burning fireplace adds just the right amount of charm. The kitchen is centered around a generous island with plenty of space to gather, with room to update and make it your own. On the opposite side of the home, the primary suite offers privacy with its own ensuite bath and soaring ceilings. Just beyond, a standout feature of the home reveals itself - a massive sunroom wrapped in windows with exposed beams and cathedral ceilings. It’s the kind of space that can become anything: a second living room, entertaining area, creative studio, or your favorite place to unwind. This space also connects directly to the garage and driveway for added convenience. Two additional bedrooms, a full hall bath, and a dedicated laundry/utility room round out the interior, with the entire home finished in bright, neutral tones and updated lighting throughout. While some areas offer the opportunity for cosmetic updates, the big-ticket items are already taken care of. HVAC and water heater just one year old, and a roof approximately five years old. Step outside and you’ll find a nicely sized backyard that offers even more room to enjoy and expand your outdoor living space, whether that’s entertaining, relaxing, or creating your own backyard setup. A brand-new shed is included with the property, providing convenient storage for tools, water gear, or seasonal items. And then there’s the lifestyle. Water views stretch across the front of the property, with a boat ramp just steps away - giving you immediate access to the Bohemia River, which connects to the Elk River and beyond. Whether you’re launching your boat for the day, renting a slip for the season, or simply enjoying the view from nearby picnic areas and playgrounds, the water becomes part of your everyday routine. A private neighborhood beach just down the street adds even more to the experience. Minutes from local favorites like Bohemia Manor and Broken Spoke Winery, and a short ride to Chesapeake City, this is a location that blends relaxation, recreation, and convenience in a way that’s hard to replicate. A home with great bones, strong systems, outdoor space, and the kind of setting that turns everyday living into something more. **The cost is $1600 to obtain a boat slip, and then it's a $175 a year to maintain it. If you were to ever sell and move, you would get $1600 back. Goes into an escrow account.**
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.
