Newly renovated 5BR/3BA Rancher with approximately 2,800 sq ft located on a beautifully manicured corner lot in the desirable neighborhood of Liberty Manor. Make your way past a lush green lawn and step inside to an open concept floor plan featuring vaulted ceilings, luxury vinyl plank flooring throughout, tons of natural light, luxury lighting, and a soft color palette. The open floor plan offers a large living room, spacious dining room, and open kitchen. The kitchen boasts brand new Shaker style soft-close cabinets, stainless steel appliances, quartz countertops, and a large breakfast peninsula with seating for three. Tucked behind the kitchen is a walkway with access to the yard, and just steps from the private primary suite. The primary offers LVP flooring, a walk-in closet, and a private full bath featuring a beautifully tiled walk-in shower. Off the living room, on the opposite side of the house from the primary, are three sizable secondary bedrooms, and a new bath. The lower level offers additional living space featuring a spacious rec room with wet bar topped in quartz, a stone wood burning fireplace, a full bath with walk-in shower and the fifth bedroom with an open space for an office. The outside includes a new roof and siding. This home is move-in ready with so much to offer new homeowners, and is located in close proximity to shopping, restaurants, and commuter routes. The Liberty Manor Community Association (LMCA) is a neighborhood organization based in Windsor Mill, Maryland (Baltimore County), with Mildred Owens serving as President. The association represents a community of single-family homes built between 1959 and 1996. The association is involved in local community initiatives. OPTIONAL FEES to participate are $20/yr.
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.
