MULTIPLE OFFERS RECEIVED! ALL OFFER DUE BY MONDAY MAY 4th at NOON Welcome Home to Your Private Rural Retreat. Nestled on 11 serene, private acres and just steps from St. Mary's River State Park, this stunning 5-bedroom, 2.5-bath Cape Cod offers the perfect blend of country living and modern convenience, all within 15 minutes of Patuxent River Naval Air Station and the charming wharf and dining of Leonardtown. A long gravel driveway with freshly installed bluestone chip leads you to a welcoming front porch. The main floor features an owner's suite with a brand new en-suite bath, two additional bedrooms sharing an updated full bath, a fantastic kitchen with ample storage, and an open family room with a pellet stove. Also on the main level are a dedicated office, a large mudroom/laundry room, and a half bath just off the attached 2-car garage. Upstairs above the garage, two massive additional bedrooms offer incredible flexibility, complete with their own dedicated HVAC system, ideal for guests, teens, or a private home office suite. All HVAC units throughout the home are newer, offering year-round comfort and peace of mind. Step outside to your screened-in back porch and unwind in the hot tub as you take in the tranquil surroundings. When you're ready for more adventure, miles of trails for hiking, fishing, boating, and even hunting are practically at your doorstep. Car enthusiasts and hobbyists will love the detached 2-car garage, currently set up as the ultimate man cave complete with a theater area and gaming space, easily convertible to a workshop. Bonus storage can be found in the attic above the detached garage. The property also features a barn with potential for horse stalls, making it a dream for equestrian enthusiasts or hobby farmers. Whether you're seeking peaceful acreage, outdoor adventure, or a home that truly has it all, this one checks every box. For qualified VA buyers, this home has an assumable VA loan at 2.25%, a rare opportunity in today's market that could mean significant savings on your monthly payment. Don't miss your chance to make it yours.
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.
