Welcome home to this lovely tucked away home on a quiet street. Did you know this house was only 20 minute to downtown Fredericksburg!? Tired of dealing with the traffic on Rt 3, and 95? Then this house would be perfect for you, almost no commuter traffic to deal with and back roads to 301, RT. 3 & 1 are all just a hop, skip and jump away! It is also only 5 minutes down the road from Snead's Farm where you can shop for produce all season long! This home is complete with 3 bedrooms (1 bonus room in lower level), 3.5 baths, and a two story living/foyer that makes the space feel open and airy. A beautiful wrap around porch welcomes you to the house where you can look out across the road to protected grounds, or behind you to private woods. There is a main level primary bedroom with ensuite so no stairs needed if desired. Two more bedrooms can be found upstairs with vaulted ceilings and a shared bathroom. Downstairs in the basement, half the space has been converted to a full bath, living and bedroom area with natural light and large windows, while half the space remains a workshop with backyard access. The backyard is fully fenced, and a perfect spot for pets! House is wired for a whole house generator if you want to add one in and the HVAC was just replaced last year. At this price and with proximity to shopping, major roads and dining, and NO HOA, you don't want to miss it!
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.
