2 Piping Rock Dr Silver Spring, MD 20905
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About this home
Rare Opportunity in Silver Spring! Discover the potential in this spacious single-family home, perfect for buyers looking to personalize their next home or investors seeking a property with strong upside value. Included in the sale is an adjacent vacant Lot 2, offering incredible potential for future development, expansion, or long-term investment—opportunities like this don’t come around often! The upper level features a bright and open living area, a dining room, and a spacious kitchen. Upstairs you’ll find 4 bedrooms and 3 full bathrooms, including a primary suite with its own bath. The lower level adds even more flexibility with 2 additional bedrooms, 1 full bathroom, and a second kitchen perfect for potential separate living space. Located just minutes from major commuter routes including Route 200 and 650, this home offers a peaceful residential setting with easy access to shopping, dining, parks, and schools. Whether you’re a first-time homebuyer, investor, or anyone looking for a property with solid bones and potential, this is the opportunity you’ve been waiting for. Please Note: The vacant Lot 2, located between the listed property and the next home, is included in this sale and must be sold together as a package with Lot 1 (where the house is located). Please see the attached property tax records for both Lot 1 and Lot 2 for full details.
Source: BRIGHT #MDMC2206020
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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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