This home qualifies for $0 down with the CHIP100 Community Homeownership Incentive Program! Also, has an assumable FHA loan available at just 3.875%, ask for details! Experience the perfect blend of low-maintenance living and vibrant city life while enjoying the privacy of having no home directly in front of you. Instead, step outside your front door to open green space. Forget the hassle of yard work and spend your time enjoying the things you love. The community pool, playground, clubhouse, and beautifully maintained lawns are all right outside your door, perfect for outdoor recreation or quiet moments of peace. Gorgeous archways add character and style, while an abundance of natural light fills every room. There’s more storage space than imagined, and lots of spatial versatility for your personal design preferences to make this home your own. Enjoy two private decks for morning coffee or evening unwinding, a cozy fireplace, and a kitchen designed for cooking and hosting, the heart of this inviting home. Located less than a mile from Downtown Frederick, you’ll have incredible dining, entertainment, and culture at your fingertips. Stroll along Carroll Creek to grab coffee at Frederick Coffee Co., indulge in a sweet treat at Frederick Fudge & Ice Cream, or enjoy dinner at Showroom, RAK Brewing Co., and countless other local favorites. Catch a show at the Weinberg Center for the Arts, explore boutique shops, or take in year-round community events—all without worrying about parking. Whether you’re relaxing at home or heading out to enjoy everything Frederick has to offer, this property delivers convenience, comfort, and connection. Professionally measured 2/3/2020- actual square footage may be greater than shown in tax records. Buyer to verify.
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.
