Welcome Home! This home is a beautifully designed three-level home offering over 4000 square feet (above grade) of versatile living space in a prime Lorton location near multiple transportation routes to include: I-395, the Lorton Virginia Railway Express/Commuter Lot/Bus Stop, Route 1 and Ox Road. Multiple shopping, restaurant and recreational choices are minutes away. This lovely home's natural light, creature comforts, and functionality feel cozy, warm, and luxurious. The hardwood floors gleam and anchor the main living areas, creating a warm and inviting atmosphere for everyday living and haute entertaining. This home has 5 bedrooms, 5 full bathrooms, and two half baths. The main level family room with fireplace flows into the kitchen and breakfast area. The family room over the garage offers flex space and features a full bath. This FROG can be used as an office, recreation/playroom, or storage. The main level features a formal living room, dining room, large office/study with built-in shelves. There is also a bonus office/study nook in the main level family room. The fully finished expansive basement features a 1/2 bath and a full bath in the basement bedroom. There is also another flex space for an office or exercise room. The basement pool table and freezer in the storage room coveys. The two-car attached garage offers convenient parking along with additional storage space. Most recent upgrades include a new 70 gallon water heater and a new gutter system (with above average size gutters). The roof was replaced in 2016 by previous owners. There is a 30 year warranty on the roof shingles. Why You’ll Love This Home ✔ Three finished levels with over 4000 sq. ft. of above ground living space ✔ 5 bedrooms and 7 bathrooms ✔ Unique bonus space above the garage with multiple use options ✔ Two-car garage with room for storage ✔ Underground sprinkler system ✔ Roof replaced in 2016 with 30 year warranty ✔ Upgraded HWH (70 gallon tank) ✔ Convenient location with access to major routes, shopping, recreation options and schools ✔ Over 5800 total square feet when including spacious basement and family room over the garage
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.
