1107 S Carey St, Baltimore, MD 21223
3 beds · 1 baths · 1,344 sqft
Incredible short sale opportunity now available! Discover this beautifully updated 3-bedroom home in the heart of Pigtown. Renovated in 2020, this home has been freshly repainted and is just steps from vibrant attractions and a sports arena, this home offers a spacious living area with an electric fireplace, perfect for entertaining or relaxing. The modern kitchen/dining area boasts a sleek gourmet kitchen with new countertops, stainless steel appliances, and a center island for extra storage. Each bedroom is filled with natural light and ample closet space. The updated bathroom features contemporary fixtures, a skylight, and custom tile. Enjoy gatherings in the backyard accessible from the kitchen. Renovated in 2020, including new roof, plumbing, floors, new ceiling fans and more, with energy-efficient windows added in 2023. Nearby schools, shopping, and parks enhance the appeal of this charming home. Buyer to pay a short sale negotiation fee of $6,000.00 or 2% of the purchase price, whichever is greater, upon closing.
Source: BRIGHT #MDBA2144822
Financials
Source: BRIGHT #MDBA2144822
Source: Public records
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.
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