Welcome to 616 Petersburg Road, Lancaster—an exceptional luxury townhome offering over 2,200 square feet of living space in the highly sought-after Richmond Square community and Manheim Township School District. Combining modern comfort and a prime Lancaster County location, this meticulously maintained home is truly move-in ready. The lower level features a spacious family room or optional 4th bedroom/recreation space, a half bath, generous storage areas, and a two-car. The main living area has an open-concept layout designed for both everyday living and entertainment. Newer wall to wall carpet, 9-foot ceilings, create a warm yet sophisticated atmosphere. The kitchen is the heart of the home, featuring granite countertops, a custom tile backsplash, center island, built-ins, new stove and microwave, and ample cabinetry. Adjacent living and dining spaces offer flexibility for gatherings large or small, while the cozy gas fireplace adds warmth and charm. A standout feature is the office with French doors—perfect for working from home in privacy, while also offering potential as a den, library, or additional bedroom. Sliders lead to the deck, where you can relax and enjoy breathtaking Lancaster County sunsets and the neighborhood walking paths. Upstairs, the spacious primary suite has a large walk-in closet and private bath. Two additional generously sized bedrooms,a full family bath and a second-floor sitting area/library nook, convenient laundry area, and abundant storage closets complete the upper level. Additional highlights include: Brand-new carpeting throughout , *Efficient natural gas heat*, *Second-floor laundry with dryer & washer included*, *Multiple oversized storage closets on every floor*, *Finished lower level offering flexible living space* , There is a possibility that an elevator could be added, as there is an approximately 4.4' x 4.6' extra storage closet on each floor where other units have installed elevators. It will be the buyer’s responsibility to verify whether installation is feasible. Location truly sets this home apart. Richmond Square offers a vibrant village-style atmosphere with restaurants, shopping, and conveniences just across the street. Downtown Lancaster is less than 5 miles south, while charming Lititz is only 5 miles north. Easy access to highways, hospitals, parks, and walking trails makes daily living effortless. For buyers seeking low-maintenance luxury living with space, style, and convenience, 616 Petersburg Road is a standout opportunity you won’t want to miss. Schedule your private showing today and experience Lancaster County living at its finest.
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.
