Looking for true privacy with NO HOA, then look no further to this beautiful Colonial nested in 5.09 acres of wooded area in Chesapeake Beach. The sprawling acreage has so much to offer - sit in your screened in porch, on your back deck, or build a fire pit & experience the nature. Inside you will find a well designed floor plan with room where you need it-5 bedrooms, 3.5 baths and over 4100 finished square ft. You will be welcomed with a separate living room/office & dining room at the front of the house. The gourmet kitchen is has lots of prep space & a cute bay window and opens to the family room allowing you to cook & converse at the same time! The family room also has a cozy pellet stove for those cold nights. The screened in porch of the kitchen is & a great space to gather & relax & gives the home character. Upstairs you will find a sunlit primary suite with walk in closet, a hall bath & 3 more SPACIOUS bedrooms. The walk out basement is fully finished, with 5th bedroom & full bath, HUGE recreation space with wood stove- an entertainers dream. You will also find an extra refrigerator & stand alone freezer that both convey. The home has a newer ROOF with gutter guard system, newer windows, brand new carpeting on upper level, lower level & both stairwells. Second set of washer/dryer in garage, laundry sink, 2 sheds, and a fish cutting station. The kitchen, baths & the main level flooring are waiting for your personal touches. Zoned for award winning schools, northern Calvert county for easy commuting to DC, Annapolis, Andrews Air Force Base & more. Also enjoy the proximity to the twin beaches, offering boardwalk, swimming, farmers market and many great restaurants. You will not want to miss this WELL PRICED gem! Set up your showing today.
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.
