Savvy buyers and investors will appreciate the potential this raised rancher offers in the sought-after, water-oriented community of Drum Point. Situated on a generously sized lot, this property presents a great opportunity for someone ready to bring fresh ideas and personal touches to create a home that truly shines. Enter the main level into a comfortable living room. The kitchen and dining area feature sliding door access to the rear deck overlooking the fully fenced backyard—perfect for outdoor enjoyment and entertaining. Down the hallway you’ll find the primary bedroom with walk-in closet and private en-suite bath with shower, along with a second bedroom and a full hall bath with tub/shower combination. The lower level offers additional space with a partially finished basement that includes a third bedroom, a large recreation or family room area, plus storage and a utility/laundry space—providing plenty of room to expand or customize. Residents of Drum Point enjoy community amenities including a private beach and boat ramp, offering convenient access to Mill Creek, the Patuxent River, and the Chesapeake Bay. Ideally located near schools, shopping, and restaurants, and just minutes from Solomons Island, Annmarie Sculpture Gardens, the Calvert Marine Museum, Drum Point Lighthouse, and Calvert Cliffs State Park. Patuxent River Naval Air Station and major commuter routes are nearby, while Prince Frederick, Historic St. Mary’s City, Piney Point, and Point Lookout State Park are all within about 45 minutes. This property offers a great opportunity for buyers looking to add their own updates and unlock the full potential of a home in a desirable water-access community.
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.
