Welcome to **3122 Ironhorse Drive**, located in the highly desirable **Lake Ridge community of Woodbridge**, known for its exceptional neighborhood amenities, scenic surroundings, and convenient commuter access. This well-maintained home offers **spacious living areas filled with natural light**, updated flooring, and a functional layout designed for comfortable everyday living and entertaining. The kitchen features **ample cabinetry, generous workspace, and easy access to the dining and living areas**, creating a warm and inviting flow throughout the main level. Numerous updates have been completed over the years, including **engineered hardwood flooring on the main level (2021) and luxury vinyl plank flooring on the upper level (2024)**. The home also features **updated lighting fixtures and hardware throughout**, adding a fresh, modern feel. Major system improvements include a **new roof (2019), hot water heater (2023), and a new garage door installed in February 2026**. The **HVAC system was installed in 2010 and serviced in July 2025**, and the air vents were professionally cleaned in 2021. The home is also equipped with **a new washer, dryer, and dishwasher installed in 2024**, providing added convenience for the next owner. The upper level features **comfortable bedrooms with ample closet space**, while the lower level offers flexible living space ideal for a **recreation room, home office, guest area, or fitness space**. Enjoy living in **Lake Ridge, one of Prince William County’s most sought-after communities**, offering residents access to **multiple swimming pools, lake access, walking trails, playgrounds, sports courts, and community events**. Outdoor enthusiasts will appreciate the nearby **Occoquan Reservoir, marinas, parks, and nature trails**. Conveniently located just minutes from **Potomac Mills, shopping, dining, and top-rated schools**, the home also provides excellent **commuter access to Washington, DC via I-95, commuter lots, VRE, and Express Lanes**, making it ideal for those traveling to **Fort Belvoir, Quantico, the Pentagon, and downtown DC**. A wonderful opportunity to enjoy the **lifestyle, amenities, and convenience that make Lake Ridge such a special place to call home.**
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.
