101 Monticello Cir Locust Grove, VA 22508
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About this home
OPEN HOUSE 12 am - 2 pm on October 12, 2025. ***Welcome to this charming remodeled rambler, featuring a front covered porch. It offers three bedrooms, two bathrooms, and a specious two car garage. Nestled on a private corner lot in the desirable gated community of Lake of the Woods, this home boasts a cozy living area with a gas fireplace which connects to a screened porch & the deck and includes a separate BBQ deck, creating a warm and inviting space for gatherings. The kitchen features a designated table space and breakfast area, along with a formal dining room that is perfect for entertaining. The primary bedroom is conveniently located on the main level and includes a walk-in closet. There is a detached shed for storage in a backyard. Set on a 0.34-acre lot right across the street from the lake, this home provides ample outdoor space for relaxation and play. The community is known for its friendly atmosphere, where neighbors quickly become friends. Residents can enjoy a sunset and meal from the clubhouse deck and meet friends for a drink at the clubhouse lounge. There is a community pool, ideal for warm summer days, and they have access to nearby lakes, beach, swimming pool, golf course, tennis & pickleballl, horseback riding, parks with trails, picnic areas, and playgrounds for outdoor fun. The neighborhood is well-served by public services, making daily life easy and stress-free. This beautifully remodeled ranch-style design offers a single-level living experience that is practical and comfortable. Don't miss the opportunity to make this lovely home yours!
Source: BRIGHT #VAOR2012484
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FAQs
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.
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