This 5 bedroom/ 4.5 bath house is a rare gem! It sits in a tranquil, park-like setting right in the heart of Towson. The home has been loved, excellently maintained and beautifully updated by the original owners. There are countless updates and features that make this house amazing but the best might be the ELEVATOR! It has allowed the seamless transition from a home with little kids to a multigenerational home. It is now ready for new buyers to fall in love with endless possibilities this home presents. As soon as you walk through the door and enter into the 2 story foyer, you can feel the warmth of the home. The heart of the home is a renovated, gourmet kitchen that opens into the inviting family room with cathedral ceilings, gas fireplace and luxury vinyl flooring which continues throughout the main level. Both the kitchen and the family room have access to the private and serene backyard. There are several areas to retreat and relax, including a deck and patio space with a pergola. Back inside, the kitchen connects with a spacious dining room which is the perfect place for family gatherings and holidays. The large living room features large front windows that boast natural light and a separate library/den. Finishing the main level are a powder room, laundry room and an elevator which provides access to the upper level. The upper level has 5 nice size bedrooms and 3 full bathrooms. Two of the bedrooms share a jack and jill bathroom. The owner's suite is very spacious and features a sitting area, a walk-in closet and spa like bathroom with separate tub, shower and double vanity. The lower level has a rec room, 2 additional rooms that can be used as offices, gym or flex space, a full bathroom and a very large storage room. There is no HVAC or duct work in the lower level but the family has used it for many years comfortably. It could be easily and inexpensively fitted with a split unit. In addition to the attached garage and driveway, there is tons of extra parking in the circle in front of the house, which is paved with porous asphalt for adequate draining. The lane is a shared private lane with the 5 houses on it. This home is a must see! There is an abundant amount of storage. You can't beat the location! This home is conveniently located near 695, 83, shopping centers and many restaurants! It truly has everything!
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.
