Are you finding yourself longing for a peace and quiet that only life on the water can bring? Come home to stargazing without light pollution, dinner on the patio watching osprey, herons and geese in the creek. Spend your weekends boating, fishing, crabbing on the pier or taking long walks with both water and farm views. Invite your friends and family because this home has 6 bedrooms and 3 bathrooms with a floorplan perfect for a multi family living situation or even a vacation rental. The first floor living room is both cozy with the fireplace and also fun with the bar area and room to dance or game. You'll love the natural light coming into the kitchen with expansive windows bringing the creek views as close as you can get without stepping outside. So much granite counter space especially with the mobile island, newer appliances, an undermount sink, appliance garage and desk space might just make this your favorite room of the house. Whether you're having elaborate formal meals or casual fare, the dining room seats as many as you want and a fireplace and amazing views to top it off. Completing the main level are 2 spacious bedrooms, a full bath and laundry room with a 2nd shower. You'll also appreciate the side entrance of the home that open to a large entryway currently used as a library that can double as an office with access to the 2nd level leading to another primary bedroom, ensuite bathroom with soaking tub and separate shower. Plus 3 additional bedrooms, 3rd full bath and common space where you'll discover the spiral staircase taking you back to the lower living room. Plenty of parking with 2 paved driveways, a sideload attached garage and 2nd single car garage/shed plus another shed for storage. The covered front porch brings you panoramic views of a farm and woods where wildlife roam. The side and backyard have unobstructed views of St. Jerome Creek where you can dock your boat or launch your kayak with easy quick access to the Chesapeake Bay. Ridge is just far enough away from the hustle and bustle but still close enough to shopping and commuting. Locally you'll enjoy the waterfront restaurants, farmstands and state park. Just a few minutes to historic St. Marys City and St. Marys College.
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.
