VA Assumption at 4.125% interest rate for Eligible VA Buyers. Welcome to this beautifully maintained home located on a quiet cul-de-sac in the sought-after Dorchester community. Ideally situated within walking distance to the elementary school, playgrounds, and scenic walking trails, this home offers comfort, convenience, and a strong sense of community. The main level features a welcoming layout with a family room showcasing a brick wood-burning fireplace, flowing into the formal dining room, perfect for entertaining. The adjacent family room opens to a spacious backyard deck, creating seamless indoor-outdoor living. The kitchen offers ample cabinetry, updated countertops, and a full appliance suite. Additional main-level highlights include a convenient powder room and a large laundry/mud room with extra storage and interior access to the one-car garage. Upstairs, you’ll find four generously sized bedrooms, including a spacious primary suite with a walk-in closet, dressing area, and fully remodeled en-suite bath modern finishes. The hall bath has also been tastefully updated with elegant touches. Recent updates include a newer architectural shingle roof. The outdoor space features a large backyard with a deck and patio, ideal for relaxing or entertaining. Residents of this community enjoy access to outstanding amenities including a pool, tennis courts, tot lots, a lake, and extensive walking and biking trails. No school excise tax or deferred water & sewer fees! Situated in a prime location that is ideal for commuting and enjoying the vibrant local & surrounding culture. Close to shopping, restaurants, grocery stores, library, hiking/biking trails and University of Maryland Charles Regional Medical Center. Enjoy golfing at the White Plains Regional Golf Course, ice skating or rock climbing at the Capital Clubhouse, exploring local wineries and breweries or catch a minor league baseball game at the Blue Crabs Stadium. Conveniently located to Joint Base Andrews, Pentagon, Bolling, MD-5, I-495 Beltway, Washington, DC, Virginia, commuter bus lots. This home offers both tranquility and accessibility. Don’t miss this opportunity to make this extraordinary property your 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.
