2901 Chelsea Ter, Baltimore, MD 21216
5 beds · 5 baths · 2,805 sqft
Welcome to this beautifully updated 5-bedroom home, offering over 2,400 sq. ft. of living space with thoughtful upgrades and timeless charm. The bright white kitchen features quartz countertops, a detailed tile backsplash, stainless steel appliances—including a gas range and microwave range hood—and a sliding door leading to the deck, perfect for outdoor dining. A cozy breakfast room sits adjacent to the kitchen, providing the perfect space to start your day. The family room is a warm and inviting space, highlighted by crown molding and a decorative fireplace. A separate dining room offers an elegant setting for gatherings, while gleaming hardwood floors flow throughout the main level, which also includes a convenient half bath. On the second level, you'll find two spacious bedrooms, including a large owner's suite with a generous closet and an ensuite bath featuring double sinks, along with an additional full bathroom. The third level offers two more bedrooms and another full bath, providing ample space for family, guests, or a home office. The finished lower level is a versatile area with a full bathroom, a large media/rec room, and an additional room ideal as a home office, gym, or fifth bedroom. Outdoor living is just as inviting, with a relaxing porch and a deck, perfect for entertaining or unwinding. Situated near Druid Hill Park, this home offers convenient access to grocery stores (Aldi & Safeway), nearby bus stops, and the MARC station for an easy commute to DC.
Source: BRIGHT #MDBA2156294
Financials
Source: Public records
Source: BRIGHT #MDBA2156294
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.