Assumable low VA interest rate potential for qualified buyers! Welcome to this beautifully maintained brick-front townhome located in the highly desirable Island Creek community. This inviting residence features three generously sized bedrooms, two full bathrooms, one half bath, and the convenience of an attached one-car garage plus an additional driveway parking space. As you enter the home, you are greeted by a bright and spacious living room filled with natural light, creating a warm and welcoming atmosphere. Attractive wood flooring extends through the kitchen and dining area, complementing the open layout that is perfect for everyday living and entertaining. The kitchen is designed with both style and functionality in mind. It includes a center island, upgraded cabinetry, stainless steel appliances, and direct access to a private deck. This outdoor space is ideal for relaxing or enjoying meals outside, offering added privacy with a screen and the shade of a nearby tree. Upstairs, the primary bedroom serves as a peaceful retreat, featuring vaulted ceilings and skylights that allow natural light to fill the space. The en-suite bathroom offers a spa-like feel with dual vanities, a large jacuzzi soaking tub, a separate shower with frameless sliding glass doors, and upgraded tile throughout. Two additional bedrooms provide ample space for family members, guests, or a home office. The hallway includes a unique built-in bookcase with sliding steps. The hall bathroom has been updated with a newer vanity, modern fixtures, and upgraded tile finishes. The fully finished lower level adds valuable living space with a comfortable recreation room highlighted by a cozy gas fireplace insert and built-in bookcases. This level also features a walkout to the fenced backyard, making it great for entertaining or relaxing outdoors. Additional spaces include a laundry area with front-loading washer and dryer, a storage room, and interior access to the garage. Residents of Island Creek enjoy a variety of community amenities, including a clubhouse, swimming pools, playgrounds, basketball and tennis courts, a volleyball court, scenic walking trails, a gazebo, and a tranquil pond. The neighborhood also offers convenient bus stops for commuters and dog waste stations throughout the community for pet owners. This wonderful townhome offers comfort, style, and access to fantastic amenities—an opportunity you won’t want to miss. Schedule your showing and make your offer before this one is sold!
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.
