Welcome to this beautifully renovated first-floor condominium in the sought-after Old Town North area of Alexandria, offering a refined blend of comfort, style, and convenience. Located just moments from King Street and the George Washington Parkway, this residence places you close to the waterfront, scenic trails, and the vibrant energy of Old Town while maintaining a quiet residential feel. Inside, the home features a thoughtfully designed open-concept layout that seamlessly connects the living and kitchen areas, creating an inviting space for everyday living and entertaining. The kitchen is well-appointed with granite countertops, stainless steel appliances, and a built-in wine fridge with bar area, providing both functionality and a touch of sophistication. Updated flooring, designed with durability in mind, complements the space, while fresh paint offers a crisp, move-in-ready feel. The primary bedroom provides a relaxing retreat, highlighted by a tray ceiling with integrated lighting and a custom closet system that maximizes storage and organization. The en-suite bath has been tastefully updated with modern finishes, offering a spa-inspired atmosphere. This unit is conveniently located just a few steps above ground level, combining easy access with added privacy. A deeded parking space (#37) conveys, providing valuable off-street parking. Outdoor enthusiasts will appreciate the nearby parkland and access to the George Washington Trail, while a variety of dining, shopping, and everyday conveniences are located close by. Commuters will benefit from proximity to major roadways and public transportation options. Set within one of Alexandria’s most historic and desirable areas, Old Town offers a unique combination of character, waterfront views, and a wide range of local businesses, cultural attractions, and community amenities, making this home an exceptional opportunity to enjoy all that the area has to offer.
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.
