516 Richards Ferry Rd Fredericksburg, VA 22406
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About this home
Welcome home to 516 Richards Ferry Rd, a slice of paradise, with no HOA, and a VA assumable loan at 2.25%! This impeccably maintained 5 bedroom, 3.5 bath home offers a perfect blend of privacy, modern comfort, and timeless elegance. The interior features an inviting open floor plan that seamlessly connects the gourmet kitchen, complete with stainless steel appliances and an island, to the family room, perfect for gatherings. Enjoy cozy evenings by the gas fireplace, or unwind in the luxurious primary suite featuring a private sitting room, soaking tub, and walk-in closet. The fully finished basement provides additional living space for entertainment or relaxation. The theatre room (5th bedroom) features surround sound speakers and audio-visual cables. Step outside to discover a beautifully landscaped 3-acre lot that backs to serene trees, offering solitude and tranquility. The extensive hardscape and stone retaining wall enhance the outdoor space, while the fenced in-ground pool invites you to enjoy sunny days. The solar panels provide significant energy savings and lower utility bills. This home also features gutter guards which will allow you to spend more time in the fall admiring the autumn leaves instead of cleaning them. This home is not just a place to live; it’s a sanctuary where memories are made. Experience the perfect blend of luxury, privacy, and comfort in this exceptional property.
Source: BRIGHT #VAST2039956
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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.