Welcome to 205 Fairfax Lane. Step inside this spacious and inviting four-bedroom, three-bathroom split-foyer home, where comfort and function come together beautifully. As you walk through the front door, head upstairs to a bright living room filled with natural light — the perfect place to relax or gather with family. The spacious kitchen offers plenty of room to cook, dine, and connect. It features an eat-in area that opens directly to the back deck, creating an ideal space for entertaining or enjoying peaceful mornings with coffee and nature. The primary bedroom suite provides a private retreat with its own full bathroom, while two additional bedrooms and another full bath complete the upper level — perfect for guests, kids, or a home office. Downstairs, you’ll find an expansive family room that can easily serve as a second living space, game room, or home theater. The lower level also includes a generous sized bedroom and a full bath, giving everyone an ample amount of space to spread out. The laundry room is oversized and doubles as a workshop, offering two closets and a deep sink — a practical setup that makes day-to-day living easy and organized. Just off this level, you’ll find a bonus room that’s currently being used as an office and features an indoor hot tub and skylights that fill the space with warmth and light. Whether you use it for relaxation, work, or play, this room adds something truly special to the home. Located just a short walk to a nearby marina, you’ll love being able to drop in a kayak, cast a fishing line, or simply enjoy the beauty of the water anytime you’d like. Warm, spacious, and waiting for its next chapter, 205 Fairfax Lane is a place where every space is designed for living — and loving — life at home. Lake of the Woods offers a picturesque lakeside lifestyle with an array of amenities to enjoy. At its heart lies a stunning 550 acre lake, perfect for fishing, water sports, or simply unwinding by the shore. Golf enthusiasts can tee off at the PGA course, while equestrians take advantage of scenic riding trails and a dedicated riding ring. The clubhouse provides the ideal setting to dine on the deck, savoring breathtaking sunsets as boats drift by. Beyond its amenities, this welcoming community thrives on connection, fostering friendships through engaging events and diverse clubs. With gated entrances and security patrols, residents enjoy both tranquility and peace of mind. More than just a place to live, Lake of the Woods is a vibrant retreat where nature and camaraderie come together, creating unforgettable experiences at every turn. Conveniently located in the heart of Locust Grove, this home offers easy access to shopping, dining, wineries, and historical landmarks for those who love history. Plus, with nearby commuter routes, traveling to surrounding areas is effortless. Discover the charm of this exceptional lake community. Call me today to schedule a tour and envision making it your 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.
