***OPEN HOUSE SATURDAY 10:30-12:30**Have you ever had one of Lil Cow Cafe's famous ribeye steak sandwiches? no? That and a lemonade alone is worth living here, less than a mile away. Don't worry about your waistline - the extensive shaded trails that Burke is famous for are also nearby to encourage ambitious step goals. The blooming cherry tree in the front yard can be your little secret every year, while everyone else fights crowds in DC for one shot at family photos. The deck overlooking the private back yard may be your favorite spot for morning coffee or to tell that last lingering friend around your fire pit a polite good night. Whether you want to work, play, lounge, or study, this home has all the space you need for your indoor and outdoor living. Drop your bags and kick off your shoes on the wood floors, you only have to choose where you want to head first. The main living area where you spend the most time somehow has the perfect balance between open flowing spaces and enough walls for furniture or hanging memories. Everyone can enjoy the sounds and smells coming from the heart of the home, and anticipate the meals set in the dining room, or the splurge of fresh baked cookies the second they come out of the oven, just a few steps from the cozy family room with a fireplace. But when it comes time to call it a night, someone can claim a bedroom and full bath on the main level (because you still have an office or gym in the basement), or you have three bedrooms and two baths upstairs that are all sunlit and lovely. Bedtime could get delayed when you are enjoying movie night in the cool Recreation Room - the basement walks right out to the lush grass and fresh air when you need a work break. All that and this home still has a whole room and bonus closets just for storage. Move right in and claim all the perks of living in Burke Centre! The sellers have spent their dollars on the peace of mind things that matter most. Updates include electrical outlets/switches, drainage system, gutters (roof 2019), back patio, expanded parking area (worth $3,000 alone), epoxy garage floors, wood floors, carpet, and more.
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.
