Seller will pay $10,000 of Buyer’s closing costs at settlement! OPEN SUNDAY , MARCH 29TH: 1PM-3.30PMThis imposing upgraded end-unit townhome located in convenient Shipley's Grant is flooded with natural light and expansive views. Located just a stone's throw from Shipley's Grant Shopping Center with every modern convenience, this elegant residence is turn-key ready. The inviting layout offers an open floor plan complete with many different options for today's living; the main entry foyer boasts a recreation room or a combination office-guest room (4th bedroom); there's an oversized 2-car garage with all mechanical systems located in 2 closets inside the garage promoting a quiet living space; there is a private front open porch-patio area and a long deck off the kitchen; gas hot water, gas cooking, gas heat, electric central air conditioning and a gas living room fireplace are all affordable and attractive features. The kitchen boasts a separate island for both prep work and seating; 42" high wood cabinetry abound with expansive granite counters and designer backsplash, stainless steel appliances and a huge table-space area for your kitchen table. The many large windows, fabulous wall spaces throughout for artwork and sculptures, and recessed lighting compliment this lovely home. The king-sized master bedroom sports a large closet, room for large furniture like dressers and desk and includes a master bathroom complete with garden tub, shower with large shower head, and tall dual vanity sinks, designer mirror and medicine chest. The first 2 levels include hardwood and bamboo flooring while the bedroom level has new carpeting throughout. An added highlight is the Samsung practically new washer and dryer conveniently located on the bedroom level. Located in vibrant Shipley’s Grant, residents enjoy a walkable community atmosphere with amenities including a fitness center and club house, outdoor pool, party room and bike and jogging trails. Easy access and less than 5 minutes commute to I-95, Route 100, and Route 1; shopping, dining, and everyday conveniences enhance the amenity-rich lifestyle.
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.
