Welcome to 7402 Park Dr, a classic single-family home offering timeless character, thoughtful updates, and the benefits of detached living in a convenient Baltimore County location. This residence features 3 bedrooms and 2 full bathrooms, along with fresh paint throughout, creating a clean and inviting feel from the moment you step inside. The functional kitchen is designed with both style and everyday practicality in mind, featuring granite countertops, a subway tile backsplash, stainless steel appliances, and a gas range. Just beyond the main living areas, the home continues to offer flexible space to fit a variety of lifestyles. The finished basement adds valuable living space and includes an additional full bath with a stall shower, elegant tile work, a beautiful tiled floor, recessed lighting, and a walk-out to the rear yard. Whether used as a family room, guest space, home office, workout area, or recreation room, this lower level offers versatility that buyers will appreciate. Outside, the fenced rear yard adds another layer of value by providing privacy, security, and a defined outdoor space that can be enjoyed in many ways. It is ideal for entertaining, gardening, relaxing, or simply enjoying your own outdoor retreat. The property also includes a one-car garage, adding meaningful value for both parking and practical storage. Whether used to protect a vehicle from the elements, store tools and seasonal items, or provide space for hobbies and equipment, a garage is a feature buyers consistently appreciate for the convenience and versatility it brings. Located in the Parkville/Baltimore area, 7402 Park Dr is close to parks, major commuter routes, Baltimore City, shopping, grocery stores, popular restaurants, and regional conveniences including airport access.
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.
