10108 Balsamwood Dr, Laurel, MD 20708
3 beds · 2 baths · 1,728 sqft
Motivated Seller!!! Charming split-level home in highly sought Montpelier Woods – A Must-See! Welcome to this stunning brick and vinyl front home that blends comfort, security, and plenty of updates! Renovations completed in 2024 include: Roof Replacement, New HVAC System, 200A Electric Panel Upgrade, 48A Electric Vehicle Charger Installation, Crawl Space Insulation and Encapsulation, and new paint throughout! Walk up the recently widened driveway that can accommodate up to four cars for ample parking. Step inside the front door to discover a cozy first level containing: living room, kitchen, and dining room, with access to a massive rear deck and extended one car garage. The upper level boasts three spacious bedrooms and two full bathrooms. Each bedroom is carpeted, providing a spacious closet and ceiling fan/light combos to keep the home cool during the summer. Enjoy additional entertainment space in the fully finished lower level, perfect for man-cave/home office combo, or simply an additional family room. The lower level is half below grade, providing two large windows for plenty of sunlight and another door to walk out to the large fenced in rear yard. Lower level utility room includes plenty of storage space, along with frontload washer/dryer combo, only 2 years old. Utility room has plenty of potential for an additional bathroom (already including rough-ins for plumbing). Sitting on a .26 acre lot, the large back yard contains a 15ft x 10ft shed and plenty of landscaping that is ready for your personal touch, ideal for gardening enthusiasts or pool installation. This home offers versatility, security, and enough upgrades to ensure low maintenance costs for a very long time. Don’t miss out on this incredible opportunity! Schedule your showing today!
Source: BRIGHT #MDPG2140948
Source: BRIGHT #MDPG2140948
To qualify, you must meet the current FHA or VA 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%. 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.
FHA (Federal Housing Administration) loans
FHA loans require the buyer to assume the mortgage as a primary residence. When you apply for the loan, you must attest that the home will be your primary residence for 12 months to be approved for an FHA assumption. Most lenders will ask that you move in within 60 days.
VA (Veteran's Affairs) loans
You don't have to be a veteran to assume a VA loan. However, not all veterans are willing to let a non veteran assume their mortgage. Roam confirms the seller's willingness prior to you making an offer.
Investors
You may be able to assume a VA mortgage as an investor without it being your primary residence.
What is Roam?
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.
What is an assumable mortgage?
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.
Why is an assumable mortgage valuable?
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.
How can you find assumable mortgage listings?
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.
How do I qualify for an assumable mortgage?
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 620, 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.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.