Are you looking for a home with all the amenities, 5-bedroom, 5.5-baths with over 6,400 total square feet on 1.03 acres on a cul-de-sac lot in Deacon Estates with a 3-car garage and finished basement? Welcome to 29 Prospect Drive, built by Caruso Builders. A covered front porch welcomes you into an open foyer anchored by a grand curved staircase and Brazilian cherry hardwood flooring throughout the main level and upper hallway. The home features 9’ ceilings throughout the main level and basement, enhancing the sense of space and light. To the left, the formal living room offers oversized windows and crown molding, while the formal dining room to the right showcases crown molding, chair rail detailing, and abundant natural light. A butler’s pantry with sink and cabinetry connects to the gourmet kitchen, complete with a large center island with bar seating, Uba Tuba granite countertops, stainless steel appliances, a new KitchenAid gas cooktop (2026), stone backsplash, large pantry, and contrasting wood cabinetry. The kitchen opens to an informal dining area with plantation shutters and direct access to the deck, creating a seamless flow for everyday living and entertaining. Step down into the two-story family room, where soaring ceilings, a floor-to-ceiling stone fireplace with gas logs, and expansive windows fill the space with natural light. A secondary staircase provides convenient access to the upper level. The main level also includes a private office with access to the rear deck, a mudroom with garage entry, and a half bath. The finished basement expands the living space with tile flooring and a custom bar featuring dark wood cabinetry, wine storage, glass display shelving, wine fridge, dishwasher, sink, and additional refrigerator. A built-in entertainment area, separate living space with fireplace feature wall, full bath, and a fifth bedroom with dual closets offer ideal guest or in-law accommodations. Additional highlights include a theatre room with built-in shelving and seating, plus walk-out access to the backyard. Upstairs, each secondary bedroom includes new carpet and paint (2024), ample closet space, and its own en-suite bath with porcelain tile flooring and tub/shower combinations. The primary suite is a true retreat, featuring French doors, a tray ceiling, a spacious sitting area, and abundant natural light. Dual custom walk-in closets with built-in systems provide exceptional storage. The luxurious en-suite bath includes a soaking tub, oversized glass shower, dual vanities, water closet, and dedicated makeup area, all finished with porcelain tile. New carpet (2024) continues through all bedrooms and staircases. A conveniently located upper-level laundry closet with LG ThinQ washer and dryer adds everyday ease. Outdoor living is equally impressive with a 30’x14’ Trex deck and a 16’x13’ screened porch featuring IPE wood flooring, a wood-paneled ceiling, and ceiling fan designed for comfortable, year-round enjoyment. A large paver patio and paver walkway extend the outdoor living space and are easily accessible from the basement, all overlooking the iron-fenced backyard. Mature landscaping includes fig and cherry trees, and an irrigation system services both the front and back yard. An extended asphalt driveway leads to the attached three-car garage. Located in South Stafford, this home offers convenient access to Historic Downtown Fredericksburg’s shops, restaurants, and waterfront, nearby commuter routes including I-95 and Route 1, VRE stations, grocery stores, parks, and everyday amenities. One year HVAC maintenance contract is prepaid and included with purchase.
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.