7851 Midday Ln
Alexandria, VA 22306
4 beds · 3 baths · 2,664 sqft
$980,000
Get prequalified7851 Midday Ln
Alexandria, VA 22306
4 beds · 3 baths · 2,664 sqft
$980,000
Get prequalifiedWelcome to 7851 Midday Lane! This beautiful two-level colonial in Hollin Brook Park is the home you have been waiting for. The mature landscaping provides gorgeous curb appeal, and this inviting home has a flexible floorplan that provides a nice flow to the main level. Easy access to the outdoor areas makes this home the perfect place to entertain family and friends. The current owners love the privacy of the backyard and have enjoyed many quiet evenings relaxing on the patio. You’ll be pleased with serenity of back area…it’s truly a private oasis! The main level offers so much flexibility. The den (with built-in bookcases, cabinets, and new carpeting) provides a versatile space that can be used as a library, home office, exercise area, or an additional family room. The upper level has four spacious bedrooms and two full bathrooms. Some of the recent updates include new quartz countertops, a new gas cooktop, a new shower door in the primary bathroom, a new roof (2023), and new concrete on the porch/patio. One of the special features of the home is the balcony access from the center bedroom…it is the owner’s favorite place to work from home. This home is situated in an excellent neighborhood and is conveniently located to the G.W. Memorial Parkway and shops and restaurants.
Source: BRIGHT #VAFX2246964
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.
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