5 Baltimore Somerset Rd NW Baltimore, OH 43105
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About this home
Full of character and opportunity, 5 Baltimore Somerset Road offers the chance to restore and reimagine a piece of local history. Built in the 1930s, this home sits on a beautiful 0.8-acre lot (subject to lot split) with mature trees, room for gardens, public utilities, and an outbuilding (30 x 32) with concrete flooring and electric along with 2 car carport—perfect for storage, hobbies, or a workshop. The home itself has plenty of space and charm to work with, featuring beautiful woodwork, 2 bedrooms, 3 full baths, and flexible rooms throughout that allow for customization to your needs. Once a 3-bedroom layout, the second floor could easily be reconfigured to include a third bedroom again. Upstairs also includes two full baths and a cozy reading nook or sitting room. On the main level, you'll find a living room, dining room, kitchen, den/office with exterior access, full bath, laundry room, and covered side porch, offering a layout that's both functional and full of potential. An attached 2-car garage and concrete back patio add convenience and outdoor living space. While the home needs work, its original details and spacious layout make it a wonderful project for someone looking to bring new life to a classic home. With its combination of character, usable land, and great location in the heart of Baltimore, this property presents a rare opportunity to create something truly special. Home is being sold 'as is' and subject to lot split approval.
Source: COLUMBUSOH #225041204
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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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