16077 Cobb Island Rd Newburg, MD 20664
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About this home
Your waterfront opportunity awaits! Welcome to 16077 Cobb Island Rd, where every day feels like a vacation. This 3-bedroom, 2-bath cottage-style home offers modern updates with incredible views of the Neale Sound. Step inside and you’ll find fresh LVP floors, stainless steel appliances, newer carpet, and newly painted cabinets that give the kitchen a crisp, coastal feel. The back of the home is lined with windows in your large living room with 2 story ceilings, so you can soak in the water views. A screened-in porch is perfect for breezy summer evenings or fall nights spent watching the sunset. Outside, the pier comes equipped with two boat lifts, plus a separate boat ramp that can accommodate larger boats with ease. Looking for more spaces to entertain? The gazebo with firepit is perfect for that! Everything you need is on one level, including the laundry. Plus there is a private loft upstairs that’s ideal for guests, an at-home office space or entertaining. There’s even extra attic storage upstairs, plenty of room for your beach gear, fishing rods, or seasonal décor. With an additional lot being sold with this property, this gives you extra waterfront space, added privacy, and more room to enjoy your piece of paradise. A large shed offers plenty of storage for tools, water toys, or even a future workshop. With owned solar panels, this gives you lower utility bills - most of the time around $100!! When you’re not enjoying the water, you’re just minutes from local favorites like Scuttlebutt Restaurant & Marina, Captain John’s Crab House, and The Cove at Cobb Island, all serving fresh seafood with unforgettable views. Whether you’re searching for your next income-producing property, your dream waterfront home year-round or the perfect waterfront getaway, this is the one for you. Don’t miss out on this opportunity!
Source: BRIGHT #MDCH2046752
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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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