It is HERE!! Your next house to make a home in Baltimore County. This is your ideal 4 Bedroom 3.5 Bath House that blends its Colonial Classic exterior with its Modern Contemporary fully remodeled interior within the last 6 years. Offering slightly over 2,000 Total Square Footage you walk into your new house into the main Living Room area replete with light coloured hardwood floors, a room made room by the abundance of light that pours into the space. Your half bath is conveniently adjoined to the space that flows into your separated Dining Room area that boast a chandelier for your more formal dinners to share with your house guests or family. The Dining Room blends itself into the Kitchen gives you plenty of granite topped counterspace, 42" cabinetry and if that wasn't enough, this house has a rare walk-in pantry for all your food storage needs. Heading downstairs, off from the kitchen, you enter the basement which opens up to your additional Family/ Sitting area that has a separate exit/ rear entrance to your backyard space. Remaining in the basement area, you have your first Bedroom that's a generous 10 x 12 ft, perfect for guests, family members or maybe an office. Traversing through your house, heading upstairs to your sleeping quarters, you have your additional 2 other Bedrooms that share a hallway 4 piece Bathroom plus you have your Primary Bedroom that offers the Owner(s) the convenience of your own private Bathroom & spacious dual closets. The exterior of the house provides an abundance of space on this .20 acre lot to entertain and enjoy throughout the year, whether you choose to enjoy the expansiveness of the backyard space or relax on the front porch enjoying the peace, comfort and relaxation of your new house for the many years to come!
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.
