OPEN SUN JULY 12th 1pm - 4pm! <b>2.25% VA ASSUMABLE LOAN w/ Pennymac. Monthly Payment: $4,125.33, Loan Balance: $602,706.47 Remaining Years: 25.</b> Schools: Kings Park ES, Kings Glen ES, Lake Braddock MS, Lake Braddock HS. First-time available in 50(!) years! No HOA in highly-sought after Homewood Community in Burke on the West Springfield border. Extremely well-maintained 4,200+ finished sq ft brick front Colonial w/ Charleston-inspired covered Porch. Property highlights: 6 BR + Loft / Office | 4.5 BA | .62 acre (27,000 sq ft) corner lot w/ flat, open grassy space w/ natural "green fencing" foliage | 3 finished levels w/ solid hardwood floors (Upstairs: 5 BRs + Loft / 3 Full BAs) | Main Level Laundry Room | Private outside entrance to 800+ sq ft Lower-Level Walkout w/ engineered hardwood, 1 BR, 1 Full BA & fully-permitted Large Kitchenette (featuring electric stovetop, full-sized Fridge, microwave, custom cabinetry, granite counters & 2nd Washer & Dryer) | 2-car garage w/ EV Level 2 charger (conveys) + Driveway for 3 additional cars | Privacy-fenced backyard | Expansive wood deck & pergola integrated into idyllic backyard w/ mature trees, flagstone walkways and Koi Pond. Mission-inspired design meets this Arts and Crafts interior aesthetic. Tastefully expanded addition added a separate Family Room w/ entertainer's bar, gas fireplace and oversized Pella casement windows overlooking the peaceful backyard. Private spiral steps under a skylight lead up to the Primary suite addition w/ ensuite bathroom (and skylight), 2nd gas fireplace + balcony and adjacent loft / versatile home office w/ cathedral ceiling. The Main Level continues with brand new wall-to-wall carpet covering a traditional separate Living Room and Dining Room that opens to the back deck through multiple French door egresses. The Kitchen flow is flanked by tons of high-end mission-style solid door cabinets and a unique, cascading water feature installation paying subtle tribute to Frank Lloyd Wright's Mid-Century "Falling Water." The functional area of the Kitchen includes a brand new GE Dishwasher, 4-burner Commercial grade Wolf Gas Range / Range Hood and ample prep space with a granite counter surround. 40-year shingle Roof replaced in 2017 and Dual-Zone HVAC. Well Water w/ a recently-serviced Treatment System, Sump Pump & Public Sewer. House is pre-wired with a speaker system that runs throughout main and upper floors. Hunter Douglas Luminette Privacy Sheers and other custom Window Treatments all convey. Drive Times: NGA HQ (10 Mins), Ft Belvoir (15 Mins), Pentagon, Langley & Ft Myer (25 Mins). Dulles (IAD), Reagan (DCA) Airports, Bolling (JBAB AFB) (30 Mins), Andrews AFB (40 Mins). Nearby to amenity-rich Burke Centre and Springfield Town Center while hidden in a tranquil, tree-line community. Minutes to VRE Line and Sluglines for easy commute to DC and The Pentagon. Springfield Metro (Blue Line - 15 mins).
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.
