Spacious, updated 1 bed/1 bath condo in sought-after Stratton House! Don't miss this RARE unit with HUGE, FULLY FENCED PRIVATE PATIO! Perfect for relaxing after a long day, entertaining friends, or for quick access to the nearby grassy common areas (perfect for pet owners!). Inside this beautiful, light-filled unit, you'll find a host of updates, including NEW luxury vinyl plank flooring, FRESH neutral paint throughout, and a dazzling kitchen with STUNNING granite counters, white cabinetry, and stainless steel appliances. The inviting open floorplan boasts an expansive living room with walkout access to the patio, as well as dining area with chair railing right off the kitchen. Enjoy a generously sized bedroom offering a large walk-in closet, as well as an updated full bathroom with warm tile tones and chic black fixtures. Stratton House offers popular amenities such as pool, picnic and bbq area, common laundry (just a few steps away from the unit!), bike storage, 2 EV charging stations, and PERSONAL STORAGE UNITS! Your parking needs are covered with parking for you plus a guest! And best of all - the condo fee includes ALL STANDARD UTILITIES (water, electricity, gas, trash)! FANTASTIC location with easy access to commuter routes, Washington D.C., Ballston Metro, the Pentagon, Crystal City, and the list goes on. Just across the street from Ruthie's All-Day, and minutes from Thomas Jefferson Community Center (basketball courts, fitness center, tennis courts & more), as well as a variety of shopping, dining, grocery, entertainment, coffee shops & more!
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.
