This one's a rare find: an assumable VA loan for qualified veterans, a finished lower level with separate entrance that offers excellent flexibility and opportunities, and community beach access with a boat ramp located right outside your front door! This exceptional home, perfectly positioned in the sought-after waterfront community of Arden on the Severn, offers breathtaking views of Valentine Creek and an incredibly versatile floor plan designed to accommodate a variety of lifestyles. Just steps from the beach, the property seamlessly blends modern updates, flexible living spaces, and the relaxed charm of waterfront living. The main level has been thoughtfully updated with new solid hardwood flooring and is filled with natural light and stunning water views. The beautifully appointed kitchen features white cabinetry, granite countertops, a large center island, recessed lighting, and an open-concept design that flows effortlessly into the living and dining areas. The living room, complete with an electric fireplace and expansive windows, serves as the perfect gathering space while showcasing picturesque creek views. A versatile space that could be used as a family room, office, or sitting room offers French doors that lead to the oversized composite deck. The primary suite offers a peaceful retreat with a renovated en-suite bath, dual closets, and a large picture window that welcomes abundant natural light. Two additional bedrooms and a full hall bath complete the upper level. The lower level presents a remarkable opportunity for multi-generational living, guest accommodations, income potential, or private quarters. This flexible space features a recreation room with fireplace, a full kitchen, bedroom with access to a full bath featuring a glass-enclosed shower, an office or optional second bedroom, and a separate laundry area for added convenience and independence. An oversized detached two-car garage provides ample space for vehicles, watercraft, storage, hobbies, or a workshop. Residents of Arden on the Severn enjoy access to four community beaches and three boat ramps, creating endless opportunities for boating, kayaking, fishing, swimming, and waterfront recreation. Conveniently located near Annapolis yet tucked within a peaceful waterfront setting, this one-of-a-kind property offers an extraordinary opportunity to enjoy panoramic creek views, exceptional flexibility, and the unmatched lifestyle that comes with living on the water.
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.
