Welcome to 240 Thomas Jefferson Terrace in Elkton, MD—with a spacious 2,652 sq foot finished living space, this thoughtfully designed ranch-style home is along the 3rd hole of Patriots Glen National Golf Course offering a premium lot. Inside you'll find an inviting open layout highlighted by vaulted ceilings and hardwood flooring throughout the main living areas. Just off the entry, a bright room with French doors offers flexible use as a home office, studio, or additional living space such as a possible 4th bedroom. Nearby, a separate dining area with a bay window provides a comfortable setting for everyday meals or entertaining. The main living area features a stone fireplace and flows seamlessly into the updated kitchen, complete with granite countertops, a raised bar with seating, stainless steel appliances, and a walk-in pantry. An adjacent breakfast area overlooks the composite deck, patio with top of the line Cambridge pavers and surrounding trees, creating a peaceful backdrop. The primary suite is privately situated on the main level and includes a spacious bathroom with double sinks, a tiled shower, separate water closet, linen storage, and a walk-in closet. An additional second bedroom, full 2nd hall bath, and laundry area are also located on the main level. The finished walk-out lower level expands the living space with a large recreation room, gas fireplace, and built-in dry bar. An additional second primary suite-style 3rd bedroom with an attached full bath—including a jetted tub, double sinks, and separate shower—offers flexible options for guests, hobbies, or extended living arrangements. A substantial unfinished area provides ample storage or the opportunity to create a home gym, workshop, or additional finished space. Additional highlights include a roof replacement in October 2020 & new water heater in 2024. Community access to amenities such as a pool, tennis courts, playground, and sidewalks. An on-site golf clubhouse with dining for additional fees. This property offers a blend of comfort, functionality, and scenic surroundings—ready to fit a variety of lifestyles. (This home is FOR SALE, not for rent) Golf Course Membership is available for a separate fee.
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.
