Welcome to 20237 Sheffield Place, an UPDATED, TURN-KEY INVESTMENT PROPERTY that's currently rented for $2,500 per month with 4 bedrooms, 2 full baths in the heart of Ettrick! The home has plenty of curb appeal, from the level lot, concrete paved driveway, NEW FULLY FENCED-IN backyard, and brick & vinyl siding. Step onto the front covered porch and into the home and you will notice the entire interior has been freshly painted and has new flooring throughout. In the living room there is a bright picture window, a lighted ceiling fan, and is semi-open to the completely updated eat-in kitchen with updated shaker cabinetry and hardware, newer stainless steel appliances, stove hood, gas range, lighted ceiling fan, an eat-in dining area, and access to the fully fenced-in backyard. Upstairs you will find 3 spacious bedrooms all with new flooring, double door closets, and new lighted ceiling fans. Rounding out the 2nd level is an updated full hall bathroom that features an updated quartz topped vanity, new flooring, and tub/shower combo. On the basement level is the MASSIVE primary bedroom suite that boasts new flooring, sliding door side patio/exterior access, walk-in closet, an en-suite full bathroom with tile stand-up shower, tile floor, & updated vanity. On this level there is also the laundry room and storage area that has another access door to the fully fenced-in backyard. This home is in walking distance to VSU and Rogers Stadium, is less than 20 minutes from Ft. Lee, and is close to all that Ettrick, Colonial Heights, and Petersburg have to offer from restaurants, shopping, parks, and so much more! This property is currently tenant occupied and is being rented out for $2,500 per month with a lease in place until November 2026.
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.
