Step into a world of luxury with this exquisite 7-bedroom, 4 bath residence. Upon entry, you'll be greeted by a grand foyer featuring a high tray ceiling and polished floors, setting the stage for an elegant reception or fine dining experience. The family room beckons with a floor-to-ceiling stone fireplace, perfect for cozy nights in front of a 75 inch TV. The main floor includes a bedroom ideal for multigenerational living, allowing easy access to the spacious and bright kitchen. The kitchen is adorned with rich cabinetry and features a six-seater bar, making it a central hub for family gatherings. The keeping room, beautifully outfitted with custom cabinetry, doubles as a coffee station or butler's pantry providing additional space for entertaining guests. Venture upstairs to discover a media room equipped with custom cabinetry, an installed sink, and space for an undercounter fridge, making it perfect for movie nights or game days without the need to leave for snacks. The generously sized guest bedrooms, one of which includes a drop-down fire escape box, ensure comfort and safety. Modern board and batten accent walls add character to this bedroom, especially in the master bedroom, where a fireplace and sitting area offer a cozy retreat. The master bathroom is a sanctuary with a double vanity, large shower, and a luxurious soaking tub. The basement offers a complete living space, featuring three bedrooms and a pool/game room that opens to the patio. The backyard is a private oasis, lined with a row of 10 implanted Leyland Cypress trees and Japenese Maple, valued at $5,200. Outdoor lighting installed by Divine Light Scapes, valued at $2,500, enhances the landscape. Additonal features or upgrades include a water infiltration system valued at $7,500, a new roof, tankless water heater, new storm doors, and new window screens. Levolor blinds, remote-controlled fans, pendant lighting and a stunning kitchen chandelier demonstrates the meticulous attention to detail throughout the home. Conveniently located near essential amenities, enjoy shopping and dining at the Campcreek Marketplace, with easy access to the airport and Historic College Park. This home combines convenience and luxury, perfect for the buyer with discerning taste.
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.
