ASSUMABLE FHA LOAN AT 2.75%, SUBJECT TO QUALIFICATION! Tucked away at the peak of a quiet cul-de-sac just blocks from Rock Creek Park, this thoughtfully updated, four-level townhouse in Rockville’s Aspen Hill Park neighborhood offers a blend of suburban tranquility and urban convenience. Step up to the front door and into a freshly painted interior boasting newly refinished hardwood floors and distinct, versatile living spaces designed for effortless connection. The heart of the home features an updated kitchen complete with brand-new countertops, ample cabinetry, stainless steel appliances, a built-in range, and clever open shelving. This culinary space looks directly out over a loft-style dining area, where a mirrored wall enhances the sense of openness, and a railed overlook peers down into the family room below, keeping conversation flowing naturally between levels. As you ascend toward the upper level, a rooftop skylight floods the stairwell with natural light, drawing your eye up to the dramatic vaulted ceilings overhead. This level hosts three newly carpeted, well-sized bedrooms, a primary suite featuring a refreshed vanity counter and sink, and a second full bathroom serving the additional bedrooms. Just a few steps down from the main living area, the first lower level impresses with soaring ceilings, a full view of the levels above, and large sliding glass doors that open directly to a fully fenced, private rear patio—perfect for al fresco dining or weekend relaxation. The basement level offers a cozy, newly carpeted recreation room equipped with extra cabinetry for additional storage. Beyond the front door, this convenient location delivers an exceptional commuter experience with quick access to Interstate 270 and two nearby Metro stations, placing the entire DC metro region within easy reach. Enjoy upscale shopping, dining, and entertainment just minutes away at Pike & Rose, or embrace the outdoors with local trail networks and the recreation of Lake Needwood, less than 20 minutes from your doorstep.
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.
