3305 Olympia Ave, Baltimore, MD 21215
6 beds · 4 baths · 2,558 sqft
Welcome to this expansive 3,800+ sq. ft. rambler sitting on a .35 acre lot in a prime Baltimore location! Freshly carpeted and painted bedrooms, plus an abundance of windows flooding the space with natural light. The main level boasts 5 large bedrooms—3 on one side, including a primary suite and hall bath, and 2 on the other with an updated full bathroom, perfect for a guest or in-law suite. The open-concept and expansive living and dining area can be combined to host large family gatherings. The living room boasts hardwood floors, a wood-burning fireplace, and recessed lighting. The dining room is a formal space, with sliding door access to the outdoors. The patio space is perfect for grilling and outdoor/holiday gatherings and leads to an expansive fenced-in yard. The spacious kitchen features two sinks, a stainless steel fridge/freezer, and a full breakfast area with table space. Just off the foyer and kitchen is a family room with built-in shelving, offering a cozy 'chill' space. Most main-level lighting fixtures have been updated, giving the space a modern touch. Downstairs, the fully finished lower level includes two oversized playrooms, an additional bonus room, and a full storage closet with built-in shelving. The huge storage area has an extra stove/range, freezer, built-in storage, laundry area, and a half bath. This well-maintained and cared-for property offers exceptional storage solutions throughout, designed for endless organization and functionality. Outside, enjoy the convenience of a driveway with a carport, providing ample parking. Roof age is about 5 years. Entire home wired with alarm system, current contract with Security Unlimited. This exceptional "age-in-place" gem combines space, functionality, and flexibility in a prime location—don’t miss this rare chance to make it your home!
Source: BRIGHT #MDBA2160860
Source: BRIGHT #MDBA2160860
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.