Your second chance to call this luxury condo home! Back on the market due to buyer cold feet, no fault of the seller. Welcome to 485 Harbor Side Street #407, nestled in the highly sought-after Belmont Bay & Harbor View community! This luxurious corner unit boasts an impressive 2,173 sq. ft. of sun-filled living space, perfectly blending comfort and convenience. Enjoy the ease of two side-by-side parking spaces (#5 and #6) located directly in front of the elevator ** a rare find** along with access to shopping carts for effortless transport of groceries and heavy items. Step inside to find an open layout featuring new wood floors, fresh paint throughout, and an inviting flow perfect for both relaxing and entertaining. The spacious kitchen boasts granite countertops, stainless steel appliances, and a walk-in pantry. The **breakfast nook** offers flexible use, currently used as a personal gym, giving you space to customize to your lifestyle. The primary suite includes two walk-in closets, a large soaking tub, a separate shower, and a Wi-Fi–connected ceiling fan with remote. The second bedroom is generously sized with a large closet, while the third room can flex as an office or den. Enjoy added convenience with a walk-in laundry room complete with shelving. The building features secured access, a fitness center, outdoor pool with separate seating area, and access to a second community pool, tennis courts, and a Great Room with Wi-Fi and full kitchen available for private events. Commuters will love being just steps from the Woodbridge VRE station and minutes to I-95. The community is surrounded by waterfront walking trails, connecting directly to the Occoquan Bay National Wildlife Refuge, offering over 650 plant species and 200 bird species to explore. Families will appreciate Belmont Elementary School located within the community, and recreation lovers can take advantage of nearby Veterans Memorial Park, complete with sports fields, picnic areas, and nature trails. All utilities except electric are included in the condo fee.
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.
