Looking for a basement home in Virginia? Your rare opportunity awaits! Nestled atop a gentle hill on nearly half an acre of peaceful, private land, this beautiful 3-bedroom, 2.5-bath Cape Cod offers three impressive levels. Exceed your expectations without exceeding your budget! The inviting front porch exudes undeniable charm, while beautifully manicured flower beds framed by decorative landscape borders create exceptional curb appeal. Step inside to discover brand-new LVP flooring throughout the main level, creating a seamless look room to room. An elegant living room features crown molding and opens to a bright kitchen complete with gleaming granite countertops, freshly painted cabinets, newer appliances, breakfast bar, and custom lighting for the perfect finishing touch. Your knees will thank you. The first floor primary suite offers comfort and privacy with walk-in closet & bath featuring garden tub, separate shower, double vanity, and ample storage. Upstairs sprawling loft offers endless possibilities for recreation or additional living space. Two copious bedrooms offer cozy carpet and abundant closet space. The showstopper walk-out basement is designed for entertaining, its expansive space featuring theater room with surround sound creating an immersive movie experience you'll enjoy for years. Dry bar, wine cooler, and wine storage make hosting effortless, while the flex room is ideal for a home office, gym or hobby room. Well maintained FOR peace of mind with two newer HVAC systems and a newer roof. Located in the sought-after Caroline Pines community, you'll enjoy a mountain-resort living with access to five lakes for swimming, fishing, boating, or relaxing on the beach. Community amenities include a pool, fitness center, playgrounds & walking track. Situated near I-95, the location provides convenient access to Fredericksburg, Richmond, Alexandria, and D.C., making commuting a breeze while you enjoy the tranquility of country living. A perfect blend of privacy, recreation, convenience, and value!
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.
