602 Smallwood Rd Rockville, MD 20850
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About this home
**Stunning Home with Impressive Upgrades!** Like a new home with assumable 2.25% VA loan! This beautiful property boasts significant enhancements inside and out! You'll love the gorgeous kitchen and bathroom renovations, along with an updated upstairs featuring refinished wood floors and fresh paint. The newly remodeled living room shines with modern lighting. The tastefully finished basement includes heated floors, new windows, and an added bathroom suite, along with an updated laundry room. Plus, all major systems are in excellent condition, with a recent 30-year architectural shingled roof, a new HVAC system and hot water heater, along with added insulation for comfort. You’ll appreciate the freshly painted exterior, composite deck, and improved patio spaces. This home is conveniently located near the Metro, top-rated schools, parks, and ballfields. ***2.25% VA assumable loan!*** SPECIAL FEATURES INLCUDE: Jan 20’ New appliances - fridge, dishwasher, microwave Feb 20’ Master closet organizer May 20’ Composite Deck resurface Jan 21’ Blown insulation to code in attic space and cleaned all air vents June 21’ HVAC and hot water heater replacement July 21’ 30 year architectural shingle replacement, new gutters, downspouts Nov 21’ Master bathroom renovation (counter, cabinet, double sink, clear glass shower frame) Feb 23’ Basement refinished; heated floors throughout including bathroom, new windows, updated laundry room, with added bathroom suite June 23’ House Exterior painted Feb 24’ Upstairs remodel - hardwood floors resurfaced, stained and sealed, fresh paint, new doors and trim, added fans July 24’ - Patio pavers with concrete base installed Aug 24’ - gutter guards and trenches for down spouts Mar 25’ living room - replaced dry wall on ceiling and exterior wall, painted entire 1st floor, added high hats to living room, family room, and laundry room, install trim in office A must-see!
Source: BRIGHT #MDMC2195358
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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.