Harbor View Community | Corner Lot | Renovated Rancher with Room to Grow Welcome to 1872 Harbor Drive —a move-in ready ranch-style home that offers the space and updates today’s buyers are searching for. Located in the Matapeake Elementary School district, this home sits on a rare double corner lot with nearly three-quarters of an acre, making it a standout opportunity on Maryland’s Eastern Shore. Inside, the layout is designed for everyday living with two separate living areas—perfect for a family room and playroom, home office, or guest space. The open-concept great room, located just off the kitchen, features a new wood stove and plenty of natural light, creating a central gathering space for family and friends. The kitchen was fully renovated in 2024, showcasing sleek countertops, stainless steel appliances, and refreshed cabinetry. With its functional design and generous prep space, it’s ready for both busy weeknights and weekend entertaining. The home includes three bedrooms and two updated full bathrooms, finished with modern tile, vanities, and fixtures. Upgrades throughout the home include - roof, windows, recessed lighting, flooring, hot water heater, reverse osmosis system, water softener, and well tank. The attached garage offers a dedicated 220-volt outlet, ideal for hobbyists, EV charging, or workshop use. Set on nearly three-quarters of an acre, the property provides plenty of space for pets, gardening, play, or future enhancements. Whether you envision a detached garage, pole barn, in-ground pool, or expanded outdoor living area, the possibilities are wide open. A circular driveway and attached garage add convenience and ample parking. The Harbor View community is known for its family-friendly setting and outdoor amenities. Residents enjoy five miles of walkable neighborhood roads for biking, jogging, or casual strolls, along with a community field, playground, and pavilion. Just two miles from the Chesapeake Bay Bridge, you’ll also have quick access to Kent Narrows, the Cross Island Trail, Queenstown Outlets, and local restaurants.
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.
