This Hampden home has the warmth and personality that make Baltimore homes so special. Exposed brick, hardwood floors, and original 1920s details throughout bring the kind of charm that buyers are always hoping has not been stripped away. Thoughtful modern updates feel true to the house, which is a rarity in a sea of fast flips. It’s cute, inviting, and the cherry on top is the perfect location. The main level offers a spacious and comfortable layout with a living room and dining room that flow right into the galley kitchen. Just beyond, the backyard offers a lovely green space with a native plant garden that will bloom through spring and summer. Upstairs, three rooms offer the flexibility, whether you need two bedrooms and an office, a nursery, or a guest room. The full bath highlights the home’s personality with its classic and chic pink tile. The basement is a true bonus and a rarity for the area, with a retro bar and plenty of room to turn the space into a creative studio, family room, guest area, workout space, or whatever fits your lifestyle best. Right outside the door are some of Hampden’s favorites like Dylan’s Oyster Cellar, The Charmery, and an array of beloved local shops and small businesses. The idyllic Wyman Park is just a couple blocks away with a stream side walking trail, dog park, playground, and easy access to JHU. Here you will be located in the heart of it all while still feeling tucked away from the bustle. The sellers have prepared the home ensuring the home is ready for its next owner, with fresh paint, polished floors, new oven, + 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.
