Welcome to this charming 1940s cottage in Woodland Beach, a beloved water-access community in Edgewater. Thoughtfully updated while preserving its original character, this home offers easy one-level living with exposed beams, hard-surface flooring throughout, two comfortable bedrooms, two full bathrooms, and a separate den or office. Major updates include the roof, water systems, HVAC, kitchen, bathrooms, water heater, washer, dryer, driveway, fence and front wrap around deck. The updated kitchen features upgraded appliances, and the bright living spaces feel cozy, fresh, and move-in ready. Enjoy the inviting front porch that wraps around the home, plus a walk-out slider from the bedroom to the outdoor space. Outside, the large fenced yard with a classic paddock fence offers plenty of room to garden, relax, play, or entertain. The backyard shed includes lights and electricity, adding great storage or workspace potential. Located just steps from the water, with a peek of the water from the back of the home, this is the kind of place where you’ll want to keep your kayak or paddleboard close by. Woodland Beach offers an incredible waterfront lifestyle with approximately three miles of shoreline along Almshouse Creek and Glebe Bay. Community amenities include five sandy beaches with swimming platforms, crabbing and fishing piers, boat and kayak/SUP launches, parks, playgrounds, a community center, private security, and boat pier and kayak rack rentals. Boat Slips available and have water and electric and are a first come first serve. Shopping, dining, grocery stores, parks, and schools are all nearby, with some restaurants within walking distance. Just about 10 minutes to Annapolis, with easy commuter access via Route 2 to Baltimore, Ft. Meade, BWI, and Washington, D.C. This sweet cottage is full of charm, updates, and access to the water-oriented lifestyle Woodland Beach is known for. Welcome Home!
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.
