634 Silver Rock Rd Lusby, MD 20657
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About this home
Welcome to 634 Silver Rock Road, a beautifully updated 3-bedroom, 2.5-bath colonial nestled in the sought-after Chesapeake Ranch Estates community. With 2,542 sq ft of living space, this home offers a perfect blend of comfort, style, and function. Step inside to find fresh paint throughout, new luxury vinyl plank flooring, plush carpet, and modern updates that make this home truly move-in ready. The bright and spacious kitchen features granite countertops, a stylish tile backsplash, and plenty of cabinet space for storage. Upstairs, you’ll find generously sized bedrooms including a peaceful primary suite with a private bath and ample closet space. The unfinished walk-out basement offers endless potential, perfect for adding extra living space, a recreation room, home gym, or workshop. Backing to trees, the backyard provides a serene and private setting to enjoy year-round. Additional updates include a new front door and sliding door, adding both curb appeal and energy efficiency. Located in Chesapeake Ranch Estates, you’ll enjoy access to community beaches, lake privileges, a clubhouse, playgrounds, and more. Just minutes from shopping, dining, and commuter routes. Don’t miss your chance to call this well-maintained, move-in-ready home your own!
Source: BRIGHT #MDCA2023744
Loan details
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Close stress-free in 45 days, handled start to finish by Roam.
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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.