106 Locust Ln, Elkton, MD 21921
3 beds · 2 baths · 2,400 sqft
Price Reduction! Charming Home in the Heart of Elkton! Step into this enchanting 1920’s-era 3-bedroom, 1.5-bath home that captures endless charm and craftsmanship. This home is perfect for those who appreciate history, elegance, and a sense of community. Enjoy the convenience of being within walking distance to the hospital, downtown boutiques, charming restaurants, local parks, and more. The backyard offers a private oasis for entertaining or relaxing, with a deck and patio surrounded by mature landscaping. Inside, the beauty of original hardwood floors, custom built-ins, and intricate millwork make each room a delight to explore. Enter through the inviting foyer, where the classic center-hall staircase welcomes you, flanked by a cozy living room (with an original fireplace, currently inoperable) and a formal dining room. The first floor also features a lovely den, a mudroom, a laundry/powder room, and a warm, character-filled kitchen. Upstairs, you’ll find a spacious main bedroom with a walk-in closet and private access to the second-floor bath, along with two additional bedrooms that are full of charm. Perfectly situated for outdoor enthusiasts, this home is close to scenic state parks, hiking trails, horseback riding paths, marinas, and waterfront restaurants—ideal for weekends spent exploring the beauty of the Cecil County area and just minutes to tax-free shopping in Delaware. With easy access to major routes and easy commuting to New York, New Jersey, Philadelphia, Baltimore, and Washington, D.C. Close proximity to world-class hospitals, this gem is ready to welcome you home. Schedule your personal showing to experience the charm of this unique property in person!
Source: BRIGHT #MDCC2015050
Financials
Source: Public records
Source: BRIGHT #MDCC2015050
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.
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 “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.