Fantastic all-brick Colonial with side-load two-car garage situated on 6.88 acres of mostly level land in La Plata. A long private driveway off Crain Hwy leads to the home, while a second driveway entrance from Fairgrounds Road allows vehicles—including trucks—to conveniently drive straight through the property. There is abundant parking for multiple vehicles, equipment, or recreational vehicles, along with 4 storage sheds located throughout the grounds. The renovated kitchen is a standout feature of the home with custom cabinetry including select glass-front doors, locally harvested walnut countertops, and a designer tile backsplash. Additional highlights include under-cabinet lighting, stainless steel appliances, deep stainless sink with decorative multi-spray faucet, built-in automatic cup washer, and water filtration system. The kitchen features wide plank wood-look vinyl flooring, updated lighting, and a bright bay window for natural light. Plantation shutters add a stylish finishing touch. The bathrooms have also been updated. The owner’s suite bath was renovated within the past few years and features a designer vanity, large mirror and lighting, step-in shower with glass door and custom tile, and skylight for natural light. The hall bathroom and the main level powder room have been renovated as well. Inside, the home has been freshly painted and updated with LED recessed lighting and new blinds throughout. The foyer and hallway feature hardwood floors and a coat closet. A huge family room addition offers hardwood floors, French doors leading to the backyard, and a brick accent wall from the original home. An additional finished room off the family room with separate rear entrance is ideal for a home office or flex space. The formal dining room features hardwood floors, new lighting, bay window, and plantation shutters. The main level also includes a bedroom with walk-in closet and Pergo flooring, plus a laundry room with high-efficiency front-load washer and dryer, laundry sink, cabinetry, slate flooring, and direct access to the garage. Upstairs features 3 bedrooms and 2 full baths. The spacious owner’s suite includes hardwood floors, designer ceiling fan, walk-in closet with professional organizer, and second closet. Two additional bedrooms also feature hardwood floors. The partially finished basement includes a 5th bedroom with tile floor, recessed lighting, and closet with mirrored doors. The rest of the basement is ready to be finished. The stately front elevation features 4 classic columns for impressive curb appeal. Additional highlights include exterior floodlights, Ring doorbell, and video surveillance cameras. A rare opportunity to own a spacious home with acreage, flexible living space, and convenient access to major commuter routes.
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.
