FIRST FLOOR BEDROOM AND FULL BATH. CAN BE ONE LEVEL LIVING! Set on a fenced lot of nearly half an acre in the heart of Mount Vernon, this 5 bedroom, 3.5 bath home offers the kind of space, comfort, and layout that simply makes life feel easier. Hardwood floors run throughout the home, and the main level was designed for the way people actually live, with open sightlines between the kitchen, dining room, and family room. The family room is especially memorable with its soaring cathedral ceilings and striking stone fireplace that naturally draws everyone in, whether it is a quiet evening at home or a house full of friends and family. The kitchen is generously sized and thoughtfully designed with maple shaker cabinetry, granite countertops, stainless steel appliances, an eat in bar, and an impressive amount of storage. The oversized foyer creates a welcoming entry, while the expansive laundry and storage area adds everyday practicality that is hard to find. Upstairs, the primary suite feels calm and private with an updated bath featuring dual vanities, a soaking tub, and walk in shower, and the additional baths throughout the home have all been beautifully updated as well. Outside, the freshly refinished deck overlooks a backyard with endless possibilities, from soccer games and summer cookouts to gardening, pets, or simply enjoying a little extra room to breathe. Located just minutes from Riverside Elementary, Whitman Middle School, Mount Vernon High School, the George Washington Recreation Center, parks along the Potomac, neighborhood shopping and dining, and commuter routes to Old Town, Fort Belvoir, the Pentagon, and Washington, DC, this home offers a rare combination of space, warmth, and convenience in one of Northern Virginia’s most established communities with no HOA!
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.
