Make this your home or Investment/Rental Property!! In less than five minutes, walk to a baseball game at Oriole Park at Camden Yards or enjoy a refreshing beer at Pickle’s Pub, the renowned spot for game-day excitement. The University of Maryland Baltimore is also conveniently within walking distance, housing six distinct graduate schools, none of which provide on-campus housing. This building has separate utility systems. Large 2 car garage potentially could be converted into a 3rd unit loft. This property is updated with modern finishes. Kitchens feature durable laminate counters and wood cabinets along with ranges and over-the-range microwaves. Convenience of dishwashers and garbage disposals for easy clean-up. Flooring varies throughout, with rooms featuring LVT, carpet, ceramic tile and laminate. This property features separate electric meters for each unit, allowing residents to manage their own utilities. Each unit is equipped with its own HVAC system and water heater for individual comfort. LiveBaltimore states that 65% of residents in Ridgely’s Delight rent, keeping the demand for quality rental housing strong. With easy access to I-95, as well as the Light Rail station being two blocks away, residents who don’t work in the immediate area enjoy easy commutes. The Inner Harbor is walkable and hosts festivals year-round. University of Maryland Baltimore boasts that it offers 97 doctoral, master’s, bachelorette, and certificate programs and confers most of the professional practice doctoral degrees awarded in Maryland. With over 6,500 students, rental housing in the immediate area is absolutely necessary, as no on-campus housing is offered. This apartment building is a sound investment to add to or start your investment property portfolio. Owner lives on the premises. Saturday & Sunday Showing Hours Strictly 10am-3pm...... Mon-Thurs 10am-6pm..... No showings on Fridays
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.
