Investor Special – Endless Potential! This unique multi-generational property offers an incredible opportunity for investors, renovators, or buyers looking to create substantial value. Situated on a private, tree-lined 1-acre lot in the heart of Owings, this expansive property boasts over 5,800 square feet of combined living and utility space and is being sold strictly AS-IS. The main residence features approximately 3,300 square feet with 3 bedrooms, 2 full bathrooms, a spacious family room with a fireplace, formal dining room, and an oversized kitchen designed for entertaining. Attached to the main home is a 400-square-foot in-law suite complete with 1 bedroom, 1 full bathroom, and a wet bar, making it ideal for extended family, guests, or a private home office. A second attached Accessory Dwelling Unit (ADU) offers approximately 1,300 square feet with 3 bedrooms and 1 full bathroom, its own dedicated parking area, guest parking, and a private fenced backyard, creating outstanding potential for rental income, multi-generational living, or guest accommodations. Additional features include an attached 2-car garage, approximately 500 square feet of unfinished storage/workshop space, two storage sheds, and a fully paved driveway providing ample parking. Recent improvements include new roofs (2022) on the main home and sheds, a new HVAC system (2022) for the main residence, and a 27 kW leased Tesla solar system that helps reduce energy costs. Whether you're looking to renovate and resell, create a multi-generational estate, or maximize the property's income-producing potential, this is a rare opportunity in sought-after Calvert County. Bring your vision and unlock the possibilities! Photos may be virtually staged
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.
