Spring Hill - Rarely on the market, this period property has been owned by only four families over the last 250+ years. Once a farm of over 900 acres, the home remains completely surrounded by fields and pastures. Known since at least 1816 as Spring Hill Farm, the home sits on nearly 20 acres of secluded Virginia countryside, offering a magnificent combination of history, privacy, original period details and modern amenities. Thoughtfully redone in 2003/2004, the home offers nearly 3700 square feet of living space on two floors, with an elegant formal living room, large dining room, family room, a separate study/office with attached full bath, spacious bedrooms, five bathrooms, 3 working woodburning fireplaces, and a large fully modernized kitchen with attached butler's pantry. A large roofed back porch along with two outdoor patios provide ample opportunity for alfresco dining and entertaining. Unlike many period homes, storage room abounds, with a huge walk-in closet in the master bedroom, 4 spacious linen closets, and a separate laundry/sewing room on the second floor. Original floors, gorgeous old hand-made doors and wood trim throughout most of the home add to its charm, while custom historically appropriate built-in bookcases, cabinetry and wainscoting enhance its style and functionality. The oldest section of the home has been dated by architectural historians to ca 1770, with a major addition ca 1815 across the front of the home. Like many period homes, numerous additions over its 250+ years have added quirky charm. Mature deciduous evergreen and flowering trees abound. The property is eligible for inclusion on both the Virginia and the National Registers of Historic Places. Numerous period outbuildings remain, as well as a modern three bay equipment building converted to a woodworking shop. Four of the original outbuildings have undergone historically accurate renovation/stabilization. A large livestock barn is suitable for renovation as an equestrian barn with adjoining acreage that could be fenced. Call today to set up a time to see this lovely historic property!
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.
