This charming downtown Annapolis home is located in the most desirable neighborhood of Murray Hill. Walk out your door and access everything Annapolis has to offer - restaurants, stores, Naval Academy, Stadium, etc. This property was completely renovated recently. The kitchen offers stainless steel appliances, quartz countertops and engineered wood flooring throughout! The property also includes a large backyard and ample parking - a rare find in downtown Annapolis! As you walk into your new home you will notice the open kitchen/living room area has plentiful lighting with white cabinetry, Kitchen Aid appliances, an island with extra storage, and a subway tile backsplash. The main level also offers two spacious bedrooms and a large deck off of the kitchen with lots of sunlight. The lower level of the home offers the primary bedroom and private bathroom, along with a den area that includes a beautiful brick fireplace surrounded by bookshelves and cabinets, a 1/2 bath and front load washer & dryer! There is plenty of storage and a door to access the large backyard where you can enjoy the playground & picking crabs while your kids run around in the fenced in backyard! Murray Hill features water access at the end of many streets where it is easy to launch a kayak/stand up paddle board or hop on the water taxi! It is also very close proximity to the Navy stadium which makes walking to the games an easy short walk! Come enjoy the best of Annapolis life in a charming home and the perfect location!
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.
