ALL MAJOR SYSTEMS UPDATED! Rare & Incredible Find & Opportunity for Turn-Key on Cul-De-Sac in Newport w/Basement Apartment! Basement apartment w/full bath, own stackable washer & dryer, kitchen area, and even a separate entrance! 5 bedrooms, 3.5 bathrooms, nearly 3,000 sq ft Newport colonial on 0.33 acre private wooded cul-de-sac lot, backing to HOA land. New Carrier HVAC (2023), New State hot water heater (2022), 50 Year Architectural Shingle roof, wrapped in newer vinyl siding & all windows replaced w/newer double pane and energy efficient windows! Outdoor oasis backyard with raised concrete porch freshly resurfaced, sealed, and painted (2026) plus new expanded stone patio is fully privacy fenced-in with multiple gates, including a double gate large enough to bring your boat or escape out the back gate to explore the serene woods behind you. Two large sheds convey, including extra large outdoor shed w/loft and tons of storage! Spacious main level boasts multiple separate living areas, great for formal and informal entertaining! Hardwoods (refinished 2022) and arched entry ways throughout. Tuscan-style gourmet kitchen with stainless steel appliances, granite counter tops, two separate stainless steel sinks, brand new upgraded Delta Charmaine faucet (2026) w/Delta spray-shield technology in pull-down sprayer and brand new large built-in stainless steel microwave (2026). Kitchen opens to informal dining or sitting room w/wood-burning fireplace and brand new LED lighting (2026) that opens to gorgeous backyard with large double pane energy efficient sliding glass doors. Separated by arched entrances on the other side, large living or family room with brand new ceiling fan & light (2026) and recessed lights and built-in speakers. Step down to bright, beautiful library filled with custom adjustable built-in book shelves and deep secret storage! Half bath, additional formal living and dining spaces, walk-in closet & storage plus additional built-in cubby space w/storage, hooks, and bench round out the main level. Upstairs, find 4 bedrooms and 2 full updated bathrooms. Large primary suite with XL walk-in closet and dressing area has beautiful and peaceful backyard views and updated ensuite full bathroom w/standing shower. Three additional bedrooms plus another updated bathroom w/shower/tub combo. Basement houses lots of additional storage with an XL utility and laundry room w/full sized washer and dryer. The best part about the basement is the separate apartment/in-law suite/au-pair suite which can be reached from the basement level interior via locked door or by its very own entrance to the backyard. Basement Apartment features its very own full bathroom w/XL standing shower, stacked washer & dryer, kitchen area w/additional full-sized refrigerator, large sink, cook top, and hood fan. Additional storage under stairs. Previous owner rented out basement apartment, but current owners have just used it for extended family and friends. Interior and exterior HVAC units not only replaced in 2022, but both locations even changed to be more energy efficient and last longer. Walkable to Neabsco Creek and public boat launch. Surrounded by nature and serenity, yet minutes away from I-95 and premium luxury shopping, dining, and entertainment.
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.
