Beautifully re-imagined Portsmouth Model on one of the prettiest, tree-lined streets in Riverside Gardens! Unique rear addition with expanded kitchen, oversized two car, side load garage and dreamy screened in porch with tranquil views of lush, expansive garden and additional land parcel directly behind the property! (Please see PLAT and DEED notes in documents). This welcoming turn-key property has been updated and meticulously cared for by current owners. Welcoming upper level with gleaming hardwood floors, gourmet kitchen with induction cooktop and space for breakfast nook seating! Gracious formal living room and dining room with wood burning fireplace and crown molding. Expanded primary suite with sitting room, walk in closet, and lovely primary bath with jetted soaking tub and separate shower. Two more large bedrooms and an updated full bath complete the upper level of the home. The lower level of the property features a comfortable and relaxing family room with 2nd wood burning fireplace and plenty of space for recreation and fun. Three more bedrooms and a full bath are also on this level as is a spacious laundry and utility room. The oversized garage is perfect for two vehicles but also has plenty of storage for so much more! The property has been freshly painted and is ready for the next owners to build wonderful memories! Spring has sprung in Riverside Gardens with all the gorgeous colors of the season! Short stroll to Stratford Landing Elementary, Carl Sandburg Middle School and bus stop for West Potomac High School! 5 minute walk to Riverside Gardens Swim and Tennis Club where everyone congregates in the summer, with swim team, tennis lessons, yoga and fitness classes. Terrific proximity to numerous conveniences and amenities like the quaint Hollin Hall Shopping Center, Old Town, Mount Vernon, Potomac River, Fort Hunt Park, and more. One of the most sought-after commutes in the DMV along the majestic George Washington Parkway! Welcome Home!!
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.
