37420 River Springs Rd Avenue, MD 20609
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About this home
Current VA Loan could be assumable at under 4%. Unique waterfront property w/ guest house. New dock, w/ marine grade lumber and stainless-steel fasteners was raised to be higher than the avg. high tide. Enjoy crabbing and sunset views from the dock in spring, summer and fall. Property has 69' of shoreline with 2' at low tide and 4-5' at high tide. Open concept floor plan w/ lots of light and water views. 2 BR, 1.5 bath and bonus room/office. Upgraded modern kitchen with stainless appliances, new counter tops and farmhouse sink. Newer, 3–4-year-old wifi connected HVAC and solar panels that are owned and will be transferred at sale. Large, bug free screened porch. The electric bill is only $600/year (not per month!) for the current owners. The guest house has a spacious living, sleeping, kitchen area, a full bath, a large deck and a new metal roof. New wifi enabled minisplit for heating and cooling. Live a multigenerational lifestyle on the water like none other. Hard scape and walk ways just completed along with interior paint and new carpet in the main living room. Property is within 2-3 miles from St. Clements Island & Museum, minutes away from area marinas, and about 5 min boat ride to reach the Potomac River. The creek is in the rear of the property and flood insurance not required.
Source: BRIGHT #MDSM2025442
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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.