NO HOA! Private 5.25-acre Cape Cod on Pasture Place with Serene park-like surroundings, open yard space for horse, goats, chickens, and a creek tucked along the wooded edges of the property. Property equipped with a fenced in kid/dog area. This custom home offers incredible garage space with a 2-car attached garage plus a HEATED and COOLED Detached garage with 2 LARGE FRONT BAYS AND 1 side Bay, perfect for a designated workshop, BOAT or RV storage. Inside, you’re welcomed by wood cathedral ceilings and an open-concept kitchen with granite countertops overlooking the living room and formal dining area. The living room features a stunning stone fireplace, wall-to-wall windows, and doors leading to the back deck and peaceful backyard views. The main-level primary bedroom includes a walk-in closet, private bath, and sliders to the back deck. A second bedroom is also located on the main level with adjoining full bathroom that connects to the main level foyer. Upstairs includes two more bedrooms. One of the upstairs bedrooms can be considered another Primary Suite as it has its own full bathroom and bonus room attached. The basement with every brick hand painted is already set up for pool, darts, gaming, bar area, workout space, and a semi-finished half bath. Great future potential for an in-law suite, teen suite, or entertainment area with the walk-up stairs to the outside. Pasture Place features a Bonus detached garage including a bonus area upstairs, perfect for storage or future finished space. Pellet stoves fireplaces on main level and basement level. Located just 30 miles to Patuxent River Naval Base, 31 miles to Joint Base Andrews, and 42 miles to the Naval Academy in Annapolis. Close to parks, boat launch, fishing pier, shops, grocery stores, restaurants, and only 3 miles to a local vineyard. **NEW ROOF MAY 2024** yearly service agreement on boiler, Hot water, heater, Main floor AC, Upstairs AC
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.
