1507 Tower Rd Aberdeen, MD 21001
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About this home
MOTIVATED SELLER, MAKE AN OFFER!! Welcome to this 2 bed, 2 full bath modern true rancher on .62 acres of cleared private land. This house has been completely remodeled and updated. Entering in brings you to the main level with lvp flooring throughout. A living room area is to the right and to the left is the kitchen. The large kitchen comes with all stainless appliances, plenty of counter space and custom cabinetry throughout. Off of the kitchen is an open concept dining area which looks out over the living room and a short hallway to the rear sliders. Off of this hallway is a large walk in pantry/storage room. The rear sliders lead out to the deck that overlooks the large cleared rear yard. (The gazebo and patio furniture can stay with house.). Back in the main living room, a hallway leads to a full bath with walk in shower and a bedroom. On the other side of this hallway is a large owners suite with vanity area and walk in closet, as well as a private en-suite bathroom. This bathroom is modern and updated with a quartz vanity and tiled shower with built in speakers and a night light. This house has been done with quality workmanship and all the details have been covered. There is also a parking pad and large shed in the yard, and the front of the home has had a facelift including the covered concrete front porch that spans the front of the home. The roof is only 3 years old, the Trane Hvac system is only 3 years old, the electric has been upgraded and has two panels, and all new gutters have been added t the home. This is peaceful, easy living in a home with no maintenance needed for some time!
Source: BRIGHT #MDHR2046442
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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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