Imagine waterfront living on Bodkin Creek with direct access to the Chesapeake Bay, where every day feels like a retreat. This home is fully equipped with a private pier with 8ft MLW, a boat lift, two jet ski lifts, an outdoor shower, and 30 Amp electric service, perfect for boating, fishing, or simply enjoying the water. Step inside to a spectacular living room with a cathedral wood-planked and beamed ceiling, three oversized windows framing serene water views, and a striking stone accent wall. A pass-through to the kitchen with a seating bar connects the spaces effortlessly, while hardwood floors flow into the dining room, ideally situated between the living room and kitchen, with easy access to the expansive Trex deck overlooking the water. The kitchen impresses with a vaulted ceiling and skylight, granite countertops, stainless steel appliances including a double oven, a butler’s pantry, and a center island with breakfast bar. Another breakfast bar in the pass-through overlooks the living room, perfectly combining function with water views. The main level also includes a renovated full bath with generous shower and a primary bedroom with a walk-in closet and loft, complemented by a convenient laundry room just off the entry to the bedroom. A spiral staircase leads to the lower level, which includes two additional bedrooms, one featuring a Clear Light Infrared sauna for ultimate relaxation, as well as a hall bath and storage closets. Outdoor living is equally impressive, with a Trex deck and outdoor stone fireplace overlooking the water, vinyl privacy fencing along the side, and aluminum fencing on the waterfront that preserves unobstructed views. Additional features include a 1-car detached garage, carport, and storage shed in the driveway. The property is enhanced with numerous modern updates, including complete deck and stair replacement with Trex composite, a professionally installed mini-split air conditioner in the primary bedroom loft, and upgraded garage electrics with two electric vehicle chargers. Other upgrades include a new garage door and opener, pier maintenance and repairs, new heating oil tank and replaced oil lines, shed roof replacement, new washer and dryer with proper vent installation, roof repairs, water softener upgrades, generator maintenance, basement vent fan installation, and a professionally installed IP camera security system with three exterior cameras and full on-site recording. Every detail of this waterfront property has been meticulously curated to combine luxury, functionality, and effortless water enjoyment, offering a lifestyle defined by comfort and relaxation.
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.
