Come check out 3504 Wakefield St, a rare coastal gem in Colonial Beach that perfectly balances move-in-ready comfort with massive equity potential. This charming home sits on a premium, cleared lot just steps from the Potomac River, offering a lifestyle defined by water breezes and small-town charm. The location is a commuter’s dream, situated just 20 minutes from Dahlgren Gate A, 40 minutes from Fredericksburg, and 90 minutes from DC. Best of all, this property is entirely HOA-free, granting you the total freedom to park your boat, launch a lucrative Airbnb, or design your retirement oasis without restrictive rules. The main level provides over 1,375 square feet of bright, inviting living space highlighted by beautiful hardwood floors that flow seamlessly through the open floor plan. The heart of the home is a spacious kitchen equipped with a gas range and refrigerator, conveniently located next to a dedicated utility room for easy laundry access. With three generous bedrooms and two full bathrooms (including a primary suite with its own private bath,) the layout is designed for comfortable living. Step through the living room’s glass doors to a sprawling rear deck, or relax on the classic front porch to enjoy the quiet neighborhood atmosphere. What truly sets this property apart is the expansive, 1,376-square-foot unfinished basement. Offering a footprint identical to the main floor, this clean and massive space is a true blank canvas, providing the ultimate opportunity to double your living area and gain instant equity. Whether you envision a custom home theater, a spacious in-law suite, or a professional-grade workshop, the potential is unmatched. Outside, the flat, fenced-in backyard is perfect for pets and gardening, while the large front yard enhances the home's impressive curb appeal. This is more than just a house; it is an investment in a lifestyle with phenomenal growth potential. Schedule your private showing today and see why 3504 Wakefield St is the best opportunity in Colonial Beach.
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.
