Just off the main drag of Southern Waldorf where the local police department is a block away and the community’s elementary/middle/high schools are all less than a 5 minutes drive, you’ll find 3485 Flagstone ST nestled in the small townhouse subdivision of Stonebridge. The convenient location makes the perfect home for commuters heading north through the heart of Waldorf or just a short drive into Brandywine with a vast variety of shops and restaurants both areas have to offer! While you can check off “location” on your list of buying must haves, you’ll find peace of mind knowing you’re also getting a fantastic deal because this house financially just makes sense. Not only is the house priced below recent sales in the neighborhood, giving you instant equity, you’ll also rejoice for the school excise tax has been paid in full, lowering your yearly property tax obligations and monthly mortgage payment by hundreds. 3485 Flagstone ST may be a decade old but with a new roof, timeless brick facade, and gorgeous hardwood floors, she sure doesn’t show it! Once you head inside and up to the main living level, the kitchen shines just as it did when the house was originally purchased. Another fantastic feature you don’t see often in surrounding area townhouses is the larger guest bedrooms on the second level, boasting measurements over 11 feet by 11 feet, whereas you’ll more commonly see a size of less than 10 feet by 10 feet. While the size difference may seem trivial, this adds tremendous comfort for queen sized beds or relief from a claustrophobic home office. When you aren’t cozying it up inside the home, enjoying a cup of coffee on the deck while overlooking Leonardtown RD makes for great people watching, or for more privacy, head through the basement walkout to a beautiful stone patio and pergola! The community also offers a jogging/biking path throughout and a tot lot for the kiddos in your life! Schedule your showing and stop by today before this beauty slips away!
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.
