322 Lance Dr Wilmington, NC 28405
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About this home
Assumable VA loan with 2.25 rate: 5 bedroom, 3.5 bath home offering elegance, functionality, and privacy. Tucked in a secluded setting just minutes from Mayfaire and bordering the prestigious Landfall community, it delivers the rare feeling of wooded privacy while remaining close to Wilmington's best amenities. The open interior is filled with natural light and features hardwood floors, plantation shutters, and custom woodwork. The kitchen is designed for everyday living and entertaining with granite counters, stainless appliances, a large breakfast bar, walk-in pantry, and built-in seating. The living area centers on a fireplace with a beautiful mantel, and just off the living room is a private hidden office, perfect for remote work. The primary suite is on the main level with a double vanity bath and massive walk-in closet. Upstairs are three spacious bedrooms, a full dual-vanity bath, and generous storage. One guest room includes its own adjoining ''kid cave'' play space, creating a unique hideaway. Another room is currently used as a craft space with a large closet containing a 6ft worktable but can be easily converted back into a traditional bedroom. Two walk-in attic storage areas add functionality—one accessed through the front bedroom closet via the charming ''midget door,'' and another with a standard door off the stairway. The lower level is a private retreat with a bonus living room, fifth bedroom, third full bath, dedicated office, and its own laundry. Complete with an additional kitchen, private entrance, and negotiable furnishings, it's ideal for a rental income producing space, guests, or extended family. Outdoor living shines with a 22x16 covered porch, outdoor shower, attached garage, and detached two-car garage for vehicles, equipment, and hobbies. The home's location combines privacy with proximity to shops, dining, and the exciting new mixed-use Avenue development! Blending custom design, comfort, and convenience.
Source: NORTHCAROLINAREGIONAL #100532229
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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.