Clear your calendar - your summer is about to be filled with a staycation. Imagine spending your evenings under the stars on your private 4+ acre lot. Your weekends are relaxing mornings reading and drinking coffee by the English garden. Your afternoons are spent floating in the pool and sharing drinks with friends on the pool deck. No need to drive hours for a vacation - everything you’re looking for in a getaway could be your everyday. The home and property feature many amenities including a pasture and a run-in; a salt water pool, privacy from the woods behind and to the side, and 3 floors worth of living space. The interior of the home offers hardwood floors in the main living area of the first floor. The kitchen, dining and living room make the space easy to entertain or to simply enjoy the company of your inner circle. The mudroom, garage, laundry and first half bath are thoughtfully arranged to allowing access to the pool area and the garage. The 1st floor primary makes single level living an option. Rounding out the first floor are the dining room, formal sitting room (currently a play room) and an office. The second floor offers 4 secondary bedrooms, each with an attached bathroom. There is a 2nd primary suite, making this home great for multi-generational living. The carpets are freshly cleaned. There is ample flex space in the landing area between the primary bedroom and the other bedrooms of the second floor - perfect for a secondary office, craft area or kids’ playroom. Lastly, the storage in this home is nothing short of abundant. The basement level offers almost the same square footage as the first floor - perfect for storage or ready to be finished for even more living space. The walkout portion of the basement is an apartment-like setup: bedroom, bathroom, kitchenette and access to the 2nd garage space. This property is only 15 minutes from Mechanicsville shopping & restaurants. Features Sheet has a full list of upgrades. Roof: 2021, HVAC: 2025, Whole Home Generator: 2024, Pool Liner: 2024
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.
