503 S Cherry St
Richmond, VA 23220
4 beds · 3 baths · 2,506 sqft
$575,000
Get prequalified503 S Cherry St
Richmond, VA 23220
4 beds · 3 baths · 2,506 sqft
$575,000
Get prequalifiedWelcome to 503 South Cherry Street, a beautiful home nestled in the heart of Richmond’s vibrant Oregon Hill neighborhood overlooking historic Hollywood Cemetery. This charming residence blends classic character with modern comforts, offering an ideal setting just minutes from VCU, Belle Isle, and the James River Park System. From the moment you arrive, you’re greeted with established plantings and a welcoming front porch that set the tone for the warmth and personality found inside. The interior features a thoughtfully designed layout with hardwood floors, tall ceilings, and abundant natural light throughout. The living and dining spaces flow seamlessly, perfect for both entertaining and everyday living. The kitchen has been tastefully outfitted with modern cabinetry, stainless appliances, and stone counters. Upstairs, you'll find a sizable primary bedroom with a terrific en-suite bathroom as well as additional wonderfully proportioned bedrooms and a spacious full bath, along with bonus storage space and laundry. Out back, a private, fenced courtyard provides a quiet retreat for gardening, grilling, or relaxing under the stars. The detached two-car garage offers off-street parking or a great place for projects and storage. With recent mechanical updates and preserved architectural details, this home offers the best of both old and new. Enjoy proximity to excellent dining within the neighborhood such as Dinamo, 821, L’Opossum and Adara as well as all the cultural energy that makes Oregon Hill such a beloved community. With easy access to the JRPS trails, the new Allianz Amphitheater at Riverfront, and Brown’s Island, 503 South Cherry is more than just a house, it’s an invitation to experience Richmond living at its most authentic.
Source: CENTRALVIRGINIA #2517567
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.
Roam is committed to and abides by the Fair Housing Act and Equal Opportunity Act.