Take advantage of a rare opportunity to assume the seller's existing VA loan and secure an interest rate at 2.375%. This can mean significant monthly savings and reduced closing costs for qualified buyers. Chesapeake modern craftsman nestled along the 5th fairway of Renditions golf course. Skip the beach traffic and relax in your private oasis with your toes in the sand by the in-ground, salt water pool complete with coastal, low maintenance landscape. This exceptional home offers main floor living with an open floor plan and expansive lay out. This stunning 6 bedroom, 4.5 bath residence offers over the top amenities and modern conveniences. The main floor great room with ample lighting features a dining room, gas stone fireplace with raised hearth, wet bar with beverage fridge and a kitchen with a large, bar height island with quartz counter tops, dishwasher and a double oversize sink. The beautiful kitchen cabinetry surrounds black stainless appliances including a built-in convection microwave, French door refrigerator, dual convection ovens, 5 burner gas on glass cook top and a large walk-in pantry. The main floor tranquil, spacious owner's suite has a seating area with lots of light, golf course views, and features separate walk-in closets with automatic lighting. A spa inspired bathroom with heated floor, double vanities, large curb less, handicap walk-in shower with dual shower heads, one filtered, and jetted soaking tub. 2 additional bedrooms are included on the main floor with a dual sink full bath and a luxurious half bath with a quartz sink top with chrome faucet. The main upper-level offers a unique, oversized loft/flex space overlooking the great room as well as 2 bedrooms and a double vanity full bath. A fully finished, walk-out basement is an entertainer's dream with LVP flooring, a theater with projector screen, theater lighting and 5 speaker sound system. Just outside the theater is a wet bar with ice maker, full-size fridge, cozy gas fire place seating, room for a pool table and dance floor. A separate room with French doors can be a private office or craft room. In addition, a 2nd very spacious on-suite with ample sitting area and desk space. The full bath includes an imported ceramic sink and coastal highlights. Additional premium features: -carpeted bedrooms -3-car attached garage with epoxy coated floor -side entrance to kitchen -main floor laundry room -lighted walk-in closets -screened in porch with cathedral wood ceiling & large deck including a child/pet retractable gate -privacy fenced back yard -hard piped gas grill on deck -whole house fire sprinkler system -well water with water softener & chlorinator system -radon mitigation system -recirc pump on hot water tank for instant hot water throughout house -smart wired TV & internet system with stereo music in main room, primary bed room and basement -independent TV & stereo system wiring in theater -16 station lawn irrigation system -2-zone HVAC systems with humidified gas heat and A/C with smart thermostats -remote-controlled window blinds on main floor rear windows -under cabinet lighting in kitchen -pool shed for floats and garden tools -under deck 120 volt powered blue tooth speakers -outdoor electrical outlets on all sides of house and in screened in porch -low voltage deck lighting and outlets on the deck -6 water spickets including 2 on deck, 2 under deck, 1 in front and 1 by side door. Automatic hose reels on each side & in back. -landscape lighting on house front and back yard -motion lights on driveway, deck and pool -Keurig refill line in kitchen -ceiling fans in kitchen, great room, loft, all main floor bed rooms and deck -tinted windows on back side of house Furniture in the house is negotiable for transfer including bed rooms, dining room, basement, deck and pool items.
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.
