12508 Bay Hill Dr, Chester, VA 23836
5 beds · 4 baths · 4,275 sqft
You've heard it before, but I'll say it again,"Location, location, location"! Not only is this amazing home conveniently located in River's Bend on the James, it also just had a price improvement! Walk into this amazing home and immediately note the refinished wood floors and impressive two-story foyer. The formal living and dining rooms are spacious, with amazing moldings and trim, and offer so many options for every day living and entertaining. Then head into the heart of the home and just take it all in... the updated kitchen features quartz countertops, updated appliances and new lighting. The adjoining family room offers soaring ceilings with a gas fireplace, wet bar and updated lighting. Your tour continues in the first-floor primary bedroom which offers an amazing walk-in closet, and completely remodeled attached bathroom to include a dual vanity, soaking tub, and zero-entry shower! The second floor also features amazing updates with all new carpeting, ceiling fans throughout and two full bathrooms. By closing off one door, the potential exists to create an amazing dual-primary suite! Once you are done touring the inside of this fabulous home, make sure you head outside. There you will find a fenced rear yard, hot tub that stays with the home, and shed that is the perfect place to store all of your yard tools. And while technically not outside, the three-car garage is a wonderful feature not to be missed! River’s Bend on the James offers a community pool, wooded nature trail, playground, tennis courts, sidewalks and street lights, community activities, and a summer swim team. Conveniently located between I95 and I295, your new home is easy commuting distance to Fort Gregg-Adams, Richmond, and even Williamsburg! Make sure this home is on your must-see list!!
Source: CENTRALVIRGINIA #2501990
Financials
Source: CENTRALVIRGINIA #2501990
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.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.