5 W Graham Rd Richmond, VA 23222
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About this home
OPPORTUNITY AWAITS! Potential 4.25% assumable fha loan! North Side gem perfect for investors or savvy first time home buyer! Are you the smart homeowner who likes to keep their own bills down while building equity and renting out rooms? A smart owner occupant who likes a turn key home in a neighborhood where time will build you an amazing amount of equity? The value of this home will soar as the area continues to improve, 3 major renovations on this street, plans for change to multiple mixed use properties, including along North Ave & the parking lot next door as more businesses move into the neighborhood. Battery Park Blvd is really popping these days and the area is only becoming more popular! This beautiful American Four Square home in Northern Barton Heights is a true steal for someone who loves the old style and charm, but needs the modern amenities like lots of newer bathrooms, laundry area, and an upgraded kitchen without having to renovate!! Only a block & a half from Battery Park, with play equipment, basketball and tennis courts, and pool. Lots of bike lanes in the area & on the bus lines with easy access to vcu & downtown. This home was renovated by the prior owner, then had more renovations done to the plumbing, replacing the hvac unit for one level, and a new roof by the current owner. Freshly painted throughout, high ceilings and jewel toned sitting room, formal dining or living room, original stained glass, upgraded kitchen in great shape with 1/2 bath on first floor. Everything freshly painted. 2.5 BATHS total!! One is a master bath off a large 2nd floor bedroom. 2 bedrooms towards the front of the house feel light and bright, are quite spacious with have good sized closets. House gets great light upstairs and downstairs. Full front porch for chilling, 2 story back porch both covered with industrial style curtain rods for adding some privacy, huge flat yard, great for big dogs. Privacy fenced, with a little parking off street at the front left corner. Pre-listing inspection available for review.
Source: CENTRALVIRGINIA #2516086
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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.