Rarely does a property in Severn offer this combination of land, space, flexibility, and value. Set on an exceptional 1-acre lot backing to trees, this oversized detached split-level home offers a setting that is increasingly difficult to find at this price point, with nearly 3,000 total square feet of living space, a layout designed for both everyday comfort and long-term versatility, a location within the Severn Run High School zone, and the added bonus of no HOA. The homesite is a true standout, providing privacy, open space, and a peaceful natural backdrop rarely found among neighboring properties. The fully fenced yard offers endless possibilities for entertaining, pets, play, gardening, or simply enjoying the outdoors, while the above-ground pool adds even more appeal for summer fun and gatherings. Inside, the home lives far larger than a typical split-level thanks to a stunning sunroom addition that brings in exceptional natural light and adds meaningful living space. Framed by French doors off the family room, this inviting space includes built-ins, dedicated mini-split heating and cooling, and direct access to the rear yard, offering a beautiful and flexible space that elevates the home well beyond the ordinary. Well appointed and designed with everyday livability in mind, the kitchen features generous workspace, abundant cabinetry, and bar seating that opens to the family room, creating an inviting sense of connection and flow. The result is a space equally suited to casual dining, conversation, and entertaining. The primary suite is an especially impressive feature, offering a retreat-like feel that is hard to find in this price range. Wood floors, floor-to-ceiling windows, and a separate seating area create a bright and inviting private space with both character and comfort. A spacious walk-in closet provides abundant storage, while the primary bath includes dual sinks, a soaking tub, and a separate shower. Adding even more flexibility, the lower level includes a full bedroom and full bath, making it ideal for guests, extended family, multigenerational living, or anyone seeking added convenience and privacy. The partially finished basement offers additional room for recreation, hobbies, storage, or future customization, giving buyers the opportunity to tailor the space to their needs over time. Important updates add even more value, including a new roof with architectural shingles and a 50-year transferable warranty for lasting peace of mind. The back-to-back two-car garage provides additional convenience, storage, and utility. With its rare wooded 1-acre setting, oversized interior, flexible floor plan, and convenient location, this is a unique opportunity for buyers seeking more space, more privacy, and more home in one of Severn’s most desirable areas. Photos may be virtually staged
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.
