653 Stone Wheel Ct W offers a move-in ready and affordable opportunity in a convenient Millersville location, with practical updates, comfortable living space, and a layout that makes everyday living easy. The main level features durable LVP and tile flooring, giving the home a clean, low-maintenance feel from the start. The kitchen includes stainless steel appliances and walks directly out to the backyard, where a wonderful covered deck creates a great extension of the living space. The yard is a good size for outdoor use, with a shed already in place for extra storage. Upstairs, you will find sizable carpeted bedrooms and a full bathroom. The lower level adds even more usable space with a good-sized rec room, giving you room for a second living area, workspace, hobby space, or whatever fits your needs. The lower level also includes walkup-style access to the backyard, adding convenience and flexibility to the home’s overall layout. A major confidence point here is the list of recent improvements. The roof and gutters were replaced in March 2026, the HVAC was replaced in 2021, the sump pump was replaced in 2025, the dishwasher was replaced in 2024, the water main line was replaced in 2024, the owners suite and the basement was painted in 2026, the flooring in the upstairs bathroom and in the family room was replaced in 2023, and the washer and dryer were replaced in 2025. The remaining appliances are from 2021. The roof also come with a 50 year warranty, giving the home a solid foundation of updates that matter for long-term ownership. The community adds to the appeal with sidewalks and a playground, while the location keeps you close to shopping, everyday services, commuter routes, and major employment centers. From Millersville, you have convenient access toward Baltimore, Washington, DC, Annapolis, Fort Meade/NSA, and surrounding Central Maryland destinations. With its condition, updates, outdoor space, and practical location, this home is a strong option for anyone looking for value and convenience in Anne Arundel County.
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.
