1040 Norfolk Dr, La Plata, MD 20646
4 beds · 3 baths · 2,972 sqft
Beautiful! 4 bed, 2.5 bath stately colonial in the desirable King’s Grant community. Sunlit and inviting 2 story foyer highlights the hardwood floors that run throughout most of the main and upper levels. Semi-open concept floor plan provides defined spaces with the versatility to function as best suits your lifestyle. Front office, formal sitting room (currently functioning as a homeschooling and play area) and formal dining room lead to the heart of the home. The open concept kitchen/ living and sunroom create the ideal space for entertaining and everyday living. Enjoy your morning coffee in the sunroom overlooking the large, fully fenced backyard or cozy up with a movie or good book while the fire roars in the living room. Upper level contains 4 bedrooms and 2 bathrooms including the primary ensuite. Oversized primary serves as a private get-away with a sizable sitting area, walk-in closet and vaulted ceiling. Dreamy bathroom has been remodeled to the 9s with dual vanities, modern soaker tub and classy tiled floor. 3 additional bedrooms, second bathroom and laundry round out the upstairs. 2nd bathroom has also been updated with quality tile work and crisp white vanity. Loads of space! A great place to call home with room to upgrade and make your own. Unfinished basement has a bathroom rough-in, walkout to the backyard, ample storage and has been professionally waterproofed. 2 stall garage and nearly half an acre that backs to woods create peace and privacy. Easy access to major commuter routes, Andrews, JBAB, Coast Guard Headquarters and DC. And with shopping, restaurants and all amenities mere minutes away, this one leaves nothing to want!
Source: BRIGHT #MDCH2040364
Source: BRIGHT #MDCH2040364
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%. 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.
Other resourcesWhat 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 “Get Notified” 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 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.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.