203 Buckingham Dr Glen Burnie, MD 21061
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About this home
*Located in the established Somerset neighborhood, this charming home offers a comfortable and functional living space. Originally built in 1956, the house has been well-maintained and updated over the years, blending classic appeal with modern convenience. As you step inside, you'll find an open and welcoming layout that makes the most of the available space, with plenty of natural light throughout. The kitchen has been thoughtfully updated with modern appliances and cabinetry, providing a practical and efficient space for cooking. The living areas are cozy and versatile, offering room for both quiet nights in and casual gatherings. Large windows let in light and offer pleasant views of the surrounding area. The home’s layout flows easily from room to room, creating a comfortable and functional living environment. Outside, the property features a manageable yard with space for relaxing or outdoor activities. Whether you’re enjoying a quiet morning or having friends over, the outdoor area provides a pleasant spot for everyday living. The Somerset community offers nearby amenities, making this a convenient place to call home. With its blend of comfort, practicality, and location, this home is an ideal choice for anyone looking for a simple yet welcoming place to live.**
Source: BRIGHT #MDAA2124318
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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.
Roam is committed to and abides by the Fair Housing Act and Equal Opportunity Act.