Welcome to your cozy water view escape without the waterfront price! Step into luxury and comfort with this newly renovated rambler. As you approach, the meticulously landscaped front yard welcomes you to a home that has been thoughtfully transformed for comfortable living. Upon entering, you'll enjoy warmth of the luxary vinyl plank floors that flow seamlessly throughout the open-concept living space. The vaulted ceiling adds an airy and open feel, creating an inviting atmosphere for both relaxation and entertainment. Nicely designed custom kitchen, a chef's delight featuring a butcher block center island, granite counters, soft close cabinetry, and stainless steel appliances, designer lighting, beverage cooler, and loads of natural light. Enjoy the beauty of the outdoors without stepping out - the expansive sunroom has numerous windows, providing breathtaking views of the waterfront surroundings. For a touch of luxury, indulge in the jetted swim tub creating a spa-like experience in the comfort of your own home. The screened porch located off the back of the house with a short walkway leading to the 2-car detached garage, you'll discover a hidden gem – a floored unfinished space above, perfect for customization to suit your needs, whether it be a home office, studio, or extra living space. Beautiful level lot, providing an ideal place to tinkering or planting Take a stroll and visit the St. Clement’s Island Museum (literally on Point Breeze Road), which covers the 1634 Maryland colonial landing with exhibits, a historic one-room schoolhouse, and river views. From there, catch the seasonal water taxi for a short ride to St. Clement’s Island State Park for picnicking, walking paths, fishing, and the replica lighthouse. Coltons Point Marina is also just a few minutes away for boating, kayaking, or fishing access on the Potomac River. For local eats, Abell’s Diner also known as Morris Point Restaurant ****ASSUMABLE VA LOAN IF QUALIFIED- 2.5 %**** OWNER FINANCING CONSIDERED********
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.
