206 Congressional Dr, Stevensville, MD 21666
4 beds · 3 baths · 2,312 sqft
Get a free consultation call with an expert in the mortgage assumption process.
Assumable Loan at 2.25 %!!!! Queen Anne Colony Community living awaits you with this contemporary home in this bay front community. The outdoor oasis boasts an in -ground, luxury pool with water fall, a Koi pond and extensive flagstone hardscaping around the pool. The two level deck is perfect for outdoor entertaining on the screened in first level with bar area and offers bay views from the newly updated composite decking on second level. The rear yard is full of mature Crepe Myrtle Trees and landscape lighting. Inside the home, you will find a spacious floor plan. The living room has a gorgeous brick , wood- burning fireplace and leads to the adjoining dining room via double pocket doors. Kitchen features double wall oven, cooktop, brand new dishwasher, wine rack, and peninsula bar. Main Floor Bedroom has an ample closet and could easily be used as home office. For your convenience, laundry and powder room are also on the first level. An open stair case takes you to the second floor. The Owners Suite is inviting with a generously sized bedroom with additional brick fireplace and expansive walk in closet. The owner's bath features walk in shower, whirlpool tub and his and hers vanities. Two additional bedrooms, hall bath and large linen closet round out the second level. Recent updates include cost saving Solar Panels, HVAC, well pump and decking. Silver Swan Marina just a short walk away. This home offers an amazing opportunity to be a resident of Queen Anne Colony Community.
Source: BRIGHT #MDQA2012350
All values shown are estimated costs / mo.
Source: Public records
Source: BRIGHT #MDQA2012350
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.
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.
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.
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.
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.
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 and Equal Opportunity Act.