Welcome to 36061 Roosevelt Boulevard, a solid brick raised rambler nestled in the established Mill Point Shores community of Chaptico, Maryland. This three-bedroom, two-full-bath home offers 1,780 square feet of above-grade living space and sits on a quarter-acre lot, providing a peaceful setting with room to personalize and add value. Built in 1945, the home features classic brick construction, a functional one-level layout, and a spacious interior footprint that is increasingly hard to find at this price point. The living area is anchored by a brick fireplace, creating a warm focal point, while the home’s generous room sizes allow for flexible use—whether as a primary residence, second home, or investment opportunity. Central air conditioning and electric heating are already in place, and the property is serviced by a private well and septic system. The exterior includes a deck overlooking the yard, offering outdoor living potential for entertaining or quiet relaxation. The lot provides ample space for landscaping, gardening, or outdoor improvements. While the home is in average condition, it presents a strong opportunity for cosmetic updates and modernization to suit today’s tastes, making it ideal for buyers seeking sweat equity or investors looking for a renovation project. Residents of Mill Point Shores enjoy access to community amenities, including a clubhouse, fishing areas, and beach access, adding lifestyle value without waterfront pricing. The location offers a balance of privacy and convenience, with proximity to Leonardtown, Mechanicsville, and regional commuter routes, as well as nearby waterways that define the character of southern St. Mary’s County. The property is being sold AS-IS, and the seller will consider all offers. Whether you are a homeowner looking to create your own retreat, an investor seeking value-add potential, or a buyer looking to enter a desirable water-privileged community, this property represents a compelling opportunity in today’s market. Schedule your showing and explore the possibilities that 36061 Roosevelt Boulevard has to offer.
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.
