16874 Reef Knot Way, Woodbridge, VA 22191
4 beds · 3 baths · 2,608 sqft
Opportunity Knocks in Port Potomac! This is your chance to own a spacious home in the highly sought-after Port Potomac Subdivision—the perfect opportunity for investors, handy homeowners, or anyone looking to create their dream space from the ground up. This handyman special offers an incredible canvas to make it your own. With a newer HVAC system already in place, much of the heavy lifting has been started. The open floor plan is full of potential, featuring generously sized bedrooms and expansive living areas ready for your personal touch. The unfinished basement includes rough-in plumbing for an additional bathroom and walk-up stairs to the exterior, making it ideal for creating additional living space—or even a separate income-producing rental unit. Add extra rooms, a guest suite, or the ultimate recreation area—your vision can come to life here. Additional highlights include a rear-load garage and the peace of mind that comes with living in a vibrant, well-connected community. Port Potomac offers convenient access to major highways, the VRE, and nearby shopping, dining, and entertainment. Washer and dryer do not convey. Home is being sold AS-IS. Don't miss this chance to invest in potential and location. Homes in this neighborhood don't come around at this price often—schedule your showing today and bring your imagination!
Source: BRIGHT #VAPW2094948
Source: BRIGHT #VAPW2094948
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.
Roam is committed to and abides by the Fair Housing Act and Equal Opportunity Act.