Back on the market - at no fault of seller! Stunning Home in the Heart of Culpeper! This thoughtfully preserved home blends the grace of the original architectural details with modern sophistication. This 4 bed/3 full bath home boasts hardwood floors throughout. The inviting living room is full of details likes built in shelving and cabinetry that frames a window seat, perfect for relaxing after a long day. The gas fireplace creates a cozy area to gather. The spacious and light-filled kitchen boasts updated cabinetry, and all new appliances with granite countertops. There is a porch off the kitchen, perfect for your morning coffee! Off the kitchen is a large butler's pantry, perfect as a breakfast room, with built-in and back lit cabinetry. Through the doorway of the butler’s pantry is the dining room, complete with built in corner cabinets. Down the hall, there is a large pantry, full bath and family room. The family room, with built-in bookshelves and door into the backyard, could be used as a main level bedroom as it is next to a full bath. Upstairs, the primary bedroom is quite spacious with a sitting area, walk-in closet and two additional closets. The primary bath boasts dual sink vanity, tons of natural light, separate water closet, shower and walk-in closet. Two additional spacious bedrooms, hall bath, and large laundry room (with new washer and dryer) round out the 2nd floor. Take the stairs up to the 4th bedroom! This large area is a multi-purpose area depending on the need, but is designated as a bedroom with two closets and built-in bookshelves. The basement is unfinished storage area, but does boast a throwback half-bath, and storage area that is the perfect temperature for a wine cellar. The fully fenced back yard is resplendent with a large paver stone patio, blooming fig tree, fruit bearing peach tree and landscaped flower beds. There is a 2-car detached garage with side entrance and tons of storage, as well as a separate 3rd garage on Chandler Street. Recent updates/renovations - the kitchen boasts all brand-new appliances, the plumbing to the upper level bath has been completely redone, extensive landscaping, power washing of the entire exterior, repainting of front porch, stairs and doors. They have done all the work, so you do not have to! This property sits two short blocks to Main and Davis - the historic Old Town that is full of shops and restaurants as well as a stone's throw to historical and recreational sites that Culpeper 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.
