3110 Wolcott Ave Baltimore, MD 21216
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About this home
**Investment Opportunity in a Growing Area!** THIS IS A DISTRESSED SHORT SALE. Discover potential and value in this spacious three-bedroom, one-and-a-half-bath duplex nestled on a serene, developing street. Fully remodeled just six years ago, this home has been well-maintained but requires some attention to unlock its full potential. The property features an inviting open floor plan, ideal for modern living. Although in slight distress, with minor roof repairs, subsequent drywall touch-ups, furnace updates, and addressing a slow sewage line clog needed, this home is priced $115,000 below its fully remodeled market value. It presents a unique opportunity for savvy buyers looking to build equity. Perfectly suited for a homeowner willing to invest sweat equity, an investor seeking cash flow with minimal initial investment, or a skilled remodeler aiming to renovate and profit, this property offers versatility and potential. Enjoy the peaceful backyard retreat, a rarity without alleyway backing, along with a convenient walkout basement and a grand front porch elevated from the street. Ample street parking adds convenience to this promising investment. Don't miss out on this chance to own in an up-and-coming neighborhood! Schedule your showing today.
Source: BRIGHT #MDBA2187306
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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.