Set on a premium lot backing to mature woods and a walking path, this home is over 4,500 sqft of finished space and has 5-bedrooms, 3.5-baths and was just built in 2018. This home is one of the most desirable layouts in Fairwood. At the entrance is a very nice study and a large open formal dining room, while the rear of the home opens into a bright, large family room and morning room right off the kitchen with built in bluetooth speakers connecting the two spaces. The kitchen is very large, and has a breakfast bar with seating in the morning room, a large walk in pantry, and a very generous island with seating for an additional four, not to mention lots of cabinetry storage. Outside just off the morning room is a low maintenance deck with built-in lighting, used often by the sellers for evening meals. The home also features a dedicated main-level office with high end built-ins that convey with purchase. High end custom blinds and shades also convey with purchase. Upstairs, the spacious primary offers a sitting area, two walk-in closets, a sunken tub, dual vanities, and a separate shower. Also upstairs is a large dedicated laundry room, three additional generously sized bedrooms and even a second living room for casual family time or bedtime stories. This second loft living room is one of the favorite features of this layout. The basement is fully finished and has ground level walk-out which allows plenty of natural light in. The basement also has an additional full bath and a large bedroom with its own large window, perfect for guests. Located on a quiet non thru street in sought-after Fairwood, known for its scenic walking paths, green spaces and a community pool. Let us know if you have any questions about the home and we will be happy to look into it for you.
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.
