Welcome to Royal Oaks, an active community, ideally positioned between Richmond and Washington, DC. Location! Location! Location! This subdivision is perfect for commuting, it’s minutes from I-95, Central Park, Downtown Fredericksburg, and many healthcare facilities. This welcoming neighborhood features sidewalks, streetlights, and a strong sense of community, making it easy to stay connected with your neighbors. This home is situated on a quarter-acre corner lot and boasts a meticulously maintained, landscaped yard and undeniable curb appeal. Your new home offers a perfect blend of modern luxury and everyday comfort. The eye-catching architectural details and thoughtfully designed living space are complemented by gleaming hardwood flooring and durable ceramic tile in the kitchen. There are 4 bedrooms and 3 baths. As you step inside your new home, a light and bright foyer welcomes you. Your home features a formal dining room and an enormous great room. The open-concept floor plan creates a spacious and comfortable living environment. The great room features a gas fireplace and soaring ceilings. You can access the large deck from the breakfast area, which is perfect for cozy evenings once the summer heat subsides. The heart of the home is the breakfast room and the well-appointed kitchen. The kitchen boasts ample cabinetry, upgraded countertops, stainless steel appliances, and plenty of storage space. This kitchen is designed for both everyday cooking and entertaining. There is also a separate laundry room with built-in shelving and cabinetry. The moderately sized owner's suite has a walk-in closet, a luxurious en-suite bathroom featuring dual vanities, a walk-in jacuzzi tub, and a glass-enclosed shower. There are 3 other sizable bedrooms and a full bathroom on the other side of the house. The finished basement significantly expands your living space and offers incredible versatility. Enjoy a spacious media/game room, a huge family room with a gas fireplace, an exercise room, a craft room, a hobby shop, and recreation areas. As a bonus, there’s a small kitchen too. The home also has a water softener system. From the basement, you have access to the well-maintained backyard, complete with custom landscaping and a large patio, which enhances your outdoor living experience. Conveniently located near Route 3, I-95, shopping, restaurants, medical facilities, transportation, and commuter lots. The New Publix Grocery Store is within walking distance from your front door! The home also has an attached 2-car, front-loading garage with remote-control openers and a large storage shed in the rear yard.
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.
