Welcome to this beautifully maintained home in Virginia Heritage at Lee's Parke, a premier gated 55+ active adult community in Fredericksburg. Designed for comfortable everyday living and effortless entertaining, this spacious residence offers a thoughtfully designed floor plan filled with natural light and inviting living spaces. The main level features a generously sized primary suite, creating the convenience of one-level living. The private ensuite bath provides a relaxing retreat with dual vanities, a soaking tub, and a separate shower. The open-concept layout seamlessly connects the family room, highlighted by a cozy gas fireplace, to the well-appointed kitchen featuring granite countertops, stainless steel appliances, abundant cabinetry, and a sunny breakfast area. A convenient main-level laundry room further enhances the home's functionality. Upstairs, a versatile loft provides additional living space ideal for a reading area, home office, fitness space, or hobby room. Two spacious secondary bedrooms share a Jack-and-Jill bath, offering comfortable accommodations for guests. The walkout lower level expands the home's versatility with a dedicated craft or hobby room, a half bath, generous storage areas, and flexible space ready to suit a variety of needs. Beyond the home itself, residents enjoy an exceptional community lifestyle. Virginia Heritage at Lee's Parke offers a beautifully renovated clubhouse with indoor and outdoor pools, a fitness center, gathering spaces, hobby and craft rooms, billiards, library, walking and biking trails, tennis and bocce courts, and a full calendar of activities, clubs, and social events coordinated by an on-site activities director. The community is known for its scenic surroundings, welcoming atmosphere, and wide range of recreational opportunities. Ideally situated just minutes from I-95, the VRE commuter rail, shopping, dining, healthcare facilities, and historic downtown Fredericksburg, this location offers convenient access to everyday necessities as well as regional destinations. Residents can explore nearby parks, waterways, golf courses, cultural attractions, and the charm of Fredericksburg's historic district, all while enjoying the comfort and convenience of a low-maintenance lifestyle. This exceptional home presents a wonderful opportunity to enjoy spacious living, desirable amenities, and an active community atmosphere in one of the area's most sought-after active adult neighborhoods.
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.
