Located in the highly sought-after Clark’s Rest community, known for its amenities and walkable access to downtown Leonardtown, this well-maintained three-level home offers the perfect blend of comfort, space, and functionality. The main level features a thoughtfully designed layout beginning with a separate formal dining room just off the foyer. Toward the rear of the home, the kitchen flows into the living area, creating a comfortable space for everyday living and entertaining. The kitchen is equipped with granite countertops, a center island, stainless steel appliances, and a sliding glass door that leads directly to the backyard for easy indoor-outdoor access. A convenient half bath is also located on this level. Upstairs, the bedroom level offers generously sized bedrooms, including a spacious primary suite featuring two separate closets and an en-suite bath with dual vanities, a soaking tub, and a separate shower. A full hall bathroom serves the additional three bedrooms. The fully finished basement expands your living space with a private bedroom and full bathroom—perfect for guests, extended living, or a home office setup. The walk-up basement provides direct access to the fully fenced backyard, adding both convenience and functionality. Residents of Clark’s Rest enjoy a vibrant community lifestyle with access to a clubhouse, community pool with a separate kiddie pool, tennis and basketball courts, playgrounds, and scenic walking trails. Sidewalk-lined streets connect throughout the neighborhood and lead toward downtown Leonardtown, where you’ll find local restaurants, shops, waterfront activities, and the Leonardtown Wharf. Conveniently located just minutes from MedStar St. Mary’s Hospital, St. Mary’s River State Park (St. Mary’s Lake), and major commuter routes including MD-235, MD-234, and Route 5. Naval Air Station Patuxent River (NAS Pax River) is just a short drive away, making this an ideal location for commuters. Ask about the VA assumable loan opportunity at 4.5% for qualified veteran buyers.
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.
