Rare 9.3 Acre Retreat at Lake Anna with Over 7,500 Total Sq Ft and an Assumable 4.7% VA Loan Welcome home to 520 Oak Grove Drive, one of the most spacious properties available at Lake Anna. Situated on the public side and just minutes from Food Lion, Coyote Hole, the nursery, and Lake Anna's main shopping corridor, this home offers the rare combination of privacy and convenience. Qualified buyers may be able to assume the seller's VA loan at an incredible 4.7% interest rate, a significant savings compared to today's market rates and a rare opportunity at this price point and property size. This custom 6 bedroom, 4 bathroom home spans over 7,500 total sq ft, with 3,790 sq ft on the main level plus an approximately 2,248 sq ft finished walkout basement. A paved driveway and striking rock façade set the tone before you even step inside. A deeded boat slip is included. Recently refreshed with a new stainless refrigerator and modern lighting fixtures throughout, the home feels move in ready. The main living area centers around a stone fireplace and flows into an expansive kitchen with granite countertops and abundant cabinetry, ideal for entertaining. Just off the living room, a covered walkout deck with tile flooring extends your living space outdoors. The main level offers 5 generously sized bedrooms, a full laundry room, and direct access to the oversized 2 car garage. Downstairs, the finished basement adds a second living area, a spacious 6th bedroom perfect for multiple beds, and large windows overlooking the peaceful backyard. Spread across 9.3 acres, there's room to roam, garden, or simply unwind. Lake Anna common area access is included, so bring your boat, paddleboards, and guests. A deeded boat slip, #9, comes with the property, giving you the kind of direct lake access that's increasingly hard to find at Lake Anna. This home has been successfully operated as a short term rental, and short term rentals are permitted, making it an excellent turnkey investment opportunity. It's just as well suited as a full time family residence or weekend retreat for those simply looking to enjoy everything Lake Anna has to offer. Just 1 hour from Richmond, Fredericksburg, and Charlottesville, and 2 hours from D.C., properties of this size and location at Lake Anna rarely come available. Schedule your private showing today!
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.
