Don't miss this practically new and true 4 bedroom and possible 5th bedroom in lower level home in Fallston! This one is so well done with a great open concept floorplan! Awesome location and gated community where the HOA does your lawn, shovels and plows the snow right up to your door, and takes care of weeding and mulching your flower beds as well as pruning the bushes around your house. The Chef's kitchen with a huge kitchen island, white cabinets, gas cooktop with hood, walk in pantry and quartz counters. The first floor has a flex room that can be a formal living room, office, playroom or formal dining room. The open concept family room, breakfast nook, and kitchen are perfect for formal or informal gatherings with the gas fireplace adds warmth. Upstairs you will find four bedrooms. The primary bedroom has a 20 foot long walk-in closet, but the other three bedrooms have walk-ins as well. There is a buddy bath between two bedrooms and the 4th bedroom with its own private bath. The laundry room is conveniently located on the bedroom level. Basement has multiple rooms with a possible 5th bedroom, rec room, office nook, and play area. Rough in is ready for a bathroom. Backyard backs to the community walking trail and is fully fenced with a wrought iron fence. Nothing to worry about here! The centrally located community is close to I-95, downtown Bel Air, and all the local Blue Ribbon Schools.
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.
