Property is being sold through a finance-friendly virtual auction. All financing types accepted, INCLUDING VA AND FHA. Property being conveyed as is, where is, outside any LENDER REQUIRED REPAIRS ( seller will do any necessary lender repairs). List price does not reflect the final sale price. There is a 10% buyers premium. Virtual auction ends March 31st at 2 PM. Seller will consider any and all pre-auction offers, due by March 30th. Recent inspection and Appraisal at $460,000 is on the listing company website. Welcome to 5924 Woodstock Ct, a 3-bedroom, 2 Bath brick ranch waterfront home located on the Eastern Branch of the Elizabeth River, offering deep water access with riparian rights and direct boating access to the Elizabeth River and Chesapeake Bay. Situated on an elevated waterfront lot (no flood insurance needed), the property offers expansive river views, privacy, and a truly desirable waterfront setting. The home sits on a protected bay that connects directly to the deep channel of the Elizabeth River, making it ideal for boats, jet skis, kayaks, paddleboards, and fishing vessels. The waterway can accommodate boats up to approximately 54 feet, with easy navigation to the Chesapeake Bay. True Waterfront Lifestyle Outdoor features include: • Private concrete boat ramp directly on the property • Existing pier remnants that may simplify construction of a new custom dock • Expansive water views across a protected bay • Direct deep water boating access • Peaceful natural setting with shoreline wildlife common to the Chesapeake watershed Key Property Improvements • New HVAC system – February 2025 • New roof – 2023 • Electrical and plumbing updates – 2014 • Updated tile bathrooms and flooring • Low-maintenance wrapped exterior trim Additional features include: • 1-car attached garage • Paved driveway • Fenced yard • Crawlspace foundation • Public water and sewer • Natural gas heat • Central air conditioning
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.
