LOOKING FOR PEACE & TRANQUILITY? Look no further than this beautiful Colonial with over 3,300SF of finished living space on 6.5 wooded acres in Quail Ridge Estates (no HOA!). The home is located on a quiet cul de sac with close proximity to Warrenton/Culpeper/Sperryville. Easy drive to Northern VA or work at home, Comcast is installed. As you drive down the paved driveway the woods open up to ample parking, an attached sideloading, heated, 2-car garage, and a beautifully landscaped yard with trails through the woods and a small creek at the back of the property. The covered front porch offers a relaxing spot for your rocking chair and morning coffee. Come inside to a welcoming 2-story foyer and an open concept living room and kitchen in the back of the house. The living room features a cozy gas log fireplace and access to the screened-in back porch and grilling deck for outdoor entertaining. Need more living space on the main floor, consider enclosing the back porch as a four-season sunroom. The kitchen boasts a large center island with bar seating, a breakfast nook, pantry cabinet, and a separate formal dining room. A main-level laundry/mudroom off the kitchen and a powder bath complete the main floor. Upstairs you will find a spacious primary bedroom, walk-in closet and a private bath boasting a soaking tub, shower, and double sink vanity. Two additional bedrooms share the nice-sized hall bath with a double sink vanity and tub shower. One of the bedrooms currently functions as an office, but don't miss the huge, finished bonus room over the garage! Retreat to the fully finished walkout basement offering a recreation room, lots of storage, a rough-in for future bath, a coal stove for alternate heat, and access through the sliding glass doors to the backyard. Recent improvements include new front steps, new decking on the back deck, LVP flooring throughout the main living area and baths, updated lighting, painted whitewash finish on the kitchen cabinets and bath vanities. Main HVAC unit was replaced 3 years ago (dual fuel heat pump with gas back-up), upper-level electric HVAC unit was replaced 5 years ago. Other upgrades & conveyances include a radon system, whole-house surge protection, generator hook-up (small unit conveys), and a garden shed. See the 3D interactive floorplan. Back porch photos are digitally staged for inspiration.
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.
