Welcome to 720 Park Avenue—a beautifully restored home that perfectly blends historic character with thoughtful modern updates. Originally built in the early 1900s, this one-of-a-kind residence has undergone multiple major remodels, bringing today’s comforts and style to a truly classic property. From the moment you arrive, you’ll appreciate the charm and craftsmanship that set this home apart—paired seamlessly with updated finishes and functional living spaces designed for modern living. New carpet, fresh paint, updated light fixtures, a stunning renovated kitchen, and more! Enjoy a soak in the authentic vintage-style cast iron clawfoot tub in the princess suite, which features a large walk-in closet and dressing room, located above the dining room in the original section of the home. The mudroom could double as a second laundry room or simply be used for additional storage. The dining space is cozy and full of character, highlighted by large historic wooden beams, a custom light fixture, original wood doors, and a striking fireplace accent wall. An original brick accent wall is showcased in the new kitchen, complete with thoughtful upgrades like marbled backsplashes, full-size under-counter trash and recycling bins, a filtered water system for drinking, and flexible pantry space. The main level features a highly desirable and expansive primary suite with its own private entrance, a large walk-in shower with a bench and double shower heads, and a spacious walk-in closet with dressing area. This space offers flexibility for multi-generational living, guest accommodations, or even a private office setup. Inside, you’ll find a well-appointed layout with inviting living spaces, abundant natural light, and a perfect balance of historic detail and contemporary design. All four bedrooms are generously sized—everyone gets their own space. The thoughtful renovation enhances both form and function while preserving the unique character that makes this home so special. Whether you’re relaxing indoors or enjoying the outdoor space, every detail reflects care, quality, and timeless appeal. The front porch is perfect for enjoying a cold iced tea or evening cocktail, and the yard is beautifully planted with daffodils, tiger lilies, a fruit-producing peach tree, and more. Located in a prime Herndon location, close to shops, dining, commuter routes, and everything Northern Virginia has to offer, this home is a rare opportunity to own a piece of history—without sacrificing modern convenience. A truly special home you won’t want to miss.
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.
