**Welcome to 507 Potomac Road!** This beautifully maintained 3-bedroom, 3.5-bath home with an upstairs loft/flex space, finished basement, and 2-car garage offers the perfect blend of comfort, style, and convenience in the heart of Joppa. Step inside to an open and inviting floor plan filled with natural light, ideal for both everyday living and entertaining. The spacious kitchen with an adjacent breakfast room flows seamlessly into the dining and living areas, creating a warm gathering space for family and friends. Just off the kitchen and breakfast room, step outside to a spacious composite deck overlooking a serene wooded nature preserve—the perfect place to relax and enjoy the peaceful surroundings. Designed with both entertainment and everyday living in mind, this home features an integrated Bluetooth-enabled speaker system that allows you to enjoy music throughout the house. The family room is equipped with ceiling-mounted stereo surround sound speakers, creating an immersive movie-watching experience, while the finished lower level includes a dedicated subwoofer system, making it the perfect space for movie nights, gaming, or entertaining guests. Thoughtful architectural details add warmth and elegance throughout the main level. Double crown molding enhances every room on the main floor except the kitchen, while the dining room is beautifully accented with classic picture frame molding, creating an elegant setting for formal dinners and special occasions. Upstairs, the generous primary suite features a private bath and two closets for exceptional storage, while two additional bedrooms and the loft/flex space provide room for a home office, playroom, study area, or second living room. The finished basement adds even more versatile living space that can be used as a recreation room, home gym, media room, guest suite, or whatever best suits your lifestyle. Outside, the home offers great curb appeal and space to relax or entertain, all within a sought-after community close to shopping, dining, waterfront amenities, and major commuter routes. With premium entertainment features, elegant custom finishes, modern conveniences, and a fantastic layout, this beautifully maintained home is truly move-in ready. **Don't miss your opportunity to make 507 Potomac Road your next home!**
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.
