Welcome to 353 S Riverside Drive in the sought-after, water-privileged community of Herald Harbor! This beautifully updated 3-bedroom, 2.5-bath single-family home offers the perfect blend of comfort, charm, and function. Just one street from the water, you’ll enjoy seasonal water views right from your front porch; a perfect spot for morning coffee or unwinding in the evening. Inside, the home is filled with natural light and features an inviting, updated interior ready for its new owners. The eat-in kitchen provides a warm and functional space for everyday living and entertaining, while the double sliding glass doors along the back provide not only convenient access to the large back deck, but also incredible natural light! The main level living area looks over the front yard of the home, with a large and inviting fireplace as well. Upstairs you will find two bedrooms that share a bathroom, as well as a full primary suite at the end of the hall overlooking the back yard. The unfinished basement offers plenty of storage or the opportunity to create additional living space to suit your needs! Herald Harbor is known for its vibrant waterfront lifestyle, offering residents access to community amenities including a boat ramp, fishing piers, community beaches, kayak launch, playgrounds, and scenic walking areas along the Severn River. With voluntary community memberships and a true neighborhood feel, it’s easy to enjoy all that this unique water-oriented community has to offer. With driveway parking for two cars and close proximity to the water and community amenities, this home is a wonderful opportunity to embrace the best of Herald Harbor living.
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.
