5006 Lone Oak Pl Fairfax, VA 22032
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About this home
Welcome to this fully renovated home tucked away on a quiet cul-de-sac in the heart of Fairfax. Set on a private lot with mature trees and a full privacy fence, this home offers a peaceful retreat with no through-traffic and minimal HOA restrictions. ⸻ Step inside to find brand new LVP flooring throughout the main level, freshly painted walls, and all new lighting and hardware. The open-concept layout features a brand new chef’s kitchen with white shaker cabinets, soft-close drawers, quartz countertops and backsplash, stainless steel appliances, and a large center island with seating. The kitchen flows into the formal dining room with sliding glass doors and a spacious family room with bay window and recessed lighting. Three generously sized bedrooms and two updated full bathrooms complete the main level, including an upgraded primary suite. ⸻ Walkout access from the dining room leads to the fenced backyard, perfect for entertaining, relaxing, or letting kids and pets roam free. ⸻ The finished lower level adds tremendous living space and flexibility. Enjoy a fully renovated rec room with wood-burning fireplace, a bright fourth bedroom, a third full bathroom, and a large laundry room with ample storage space. ⸻ This home is packed with major system updates: 50-year architectural shingle roof, triple-pane Oxford vinyl windows, upgraded HVAC, Nest thermostat, updated electrical panel, enhanced insulation, sump pit with pump, and a full-home waterproofing system with transferable warranty. Solar panels installed in 2021 (to be paid off fully by sellers at closing) provide energy efficiency with net metering, keeping electric bills low per month in spring and summer. Professionally landscaped and move-in ready. ⸻ Conveniently located near shopping, parks, George Mason University, and commuter routes including Braddock Road, Route 123, I-495, and I-66.$352k VA Loan assumption at 3.75% interest available to ALL buyers (seller willing to forfeit entitlement). This home checks every box: space, privacy, updates, and location. See the full upgrades list for more details.
Source: BRIGHT #VAFX2268644
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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.