Welcome to this breathtaking Edgemont model, a residence of distinction in the coveted Overlook community recently featured in Home & Design magazine for its award-winning primary bathroom renovation. This home occupies a premier lot at the end of a quiet roundabout, backing to lush, private wooded association land. Inside the residence, which spans over 4,600 square feet of finished living space with 5 bedrooms and 4.5 bathrooms, no detail has been overlooked. The main level showcases natural maple hardwood floors, a grand two-story foyer with sweeping staircase, a formal dining room, and a soaring great room anchored by a gas-fired fireplace. The eat-in chef’s kitchen is a culinary dream, featuring Espresso Rift Cut Oak cabinetry, granite countertops, and stainless steel GE appliances, all flowing seamlessly onto an expansive wood deck with a dedicated gas line for effortless outdoor entertaining. The highly sought-after main-level primary suite is a true sanctuary, completely transformed with maple hardwoods, an expanded custom wood closet system, and a spa-like ensuite. This bathroom spares no expense, boasting marble floors, Porcelanosa wall tile, dual quartz-topped walnut floating vanities, Robern Uplift mirrors, and a premium Toto Neorest. On the upper level, you will find three generously sized bedrooms and a versatile open office space, complemented by two additional recently renovated bathrooms that reflect the home’s modern sophistication. The lower level offers an expansive recreation room with a second gas fireplace and a granite-topped wet bar with a hammered steel sink. This level also features a dedicated exercise room and a fifth bedroom with a luxury ensuite containing a custom steam shower. The walk-out basement leads to an immaculate hardscaped patio with integrated post downlighting and a tranquil fountain that conveys with the property. Practicality meets luxury with a four-zone irrigation system, a two-car garage with pull-down attic storage, and significant updates including a new architectural shingle roof (2020), dual HVAC zones (2020 and 2022), and a new water heater (2021). (Please see attached documents for a full list of updates.) Residents of the tightly knit Overlook community enjoy an outdoor pool, tennis courts, and direct access to Bren Mar Park trails, all while being minutes from the Van Dorn Metro, the Pentagon, Old Town Alexandria, and Reagan National Airport.
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.
