Welcome to this extraordinary property with the enormous, private and grassy, backyard you have been looking for. Seated on an 18,481 sq, foot lot, this extra charming Cape Cod with its 4 bedrooms, 2 Full bathrooms and 2,400 estimated finished square feet of living space has all the space you need. Entering from the front door, through the covered front porch, one enters the living room of this move-in ready house. This space - perfect for entertaining friends or family - opens to the dining room, and across the dining room to the; sunroom, the vast new deck overlooking the epic backyard, and the kitchen. The kitchen with its granite countertops, white cabinets, and stainless-steel appliances round out the main communal area of this home. Also on this level are 2 Bedrooms and a full bathroom. All together this main floor provides fantastic space to sprawl out with friends or family. The gleaming hardwood floors, woodburning fireplace in the living room, and newly painted inside of this home exudes charm. The second floor has another 1-2 Bedrooms, a family room which opens to the fresh and renovated 2nd floor deck, and another full bathroom. The beautiful, renovated, walkout basement has gorgeous luxury vinyl plank, and tons of storage. Replacement windows throughout home. Close to Reagan Airport, or a quick trip to Old Town Alexandria. Open House Saturday from 2-4PM. Sellers have asked that all overs be received by 3PM on Tuesday, June 23rd at 3PM.
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.
