4807 Augusta Ave, Richmond, VA 23230
3 beds · 1 baths · 996 sqft
So much to LOVE in this ‘Cute as a Button’ Ranch filled with both beautiful and functional updates and within easy walking distance to the all the vibrant restaurants, shopping and services at Willow Lawn and beyond. The timeless floor plan was designed to provide surprisingly spacious and airy living spaces that are so appealing for today’s lifestyle! Gorgeous newly refinished hardwood floors (2024) run through the generous, freshly painted Living Room with its front picture window and continue into each of the nicely sized Bedrooms adding warmth and character to every space. The current owner loves the flexibility of the layout! One Bedroom is used as a dedicated Dining Room; another as a Home Office. There are countless options! Full Bath was fully renovated in 2024 with stunning fixtures and finishes from Fergusson (a $20K plus investment). Large Kitchen has the retro charm of painted cabinetry complimented with the updated elements: NEW LVP flooring (2025), stainless appliances (Dishwasher NEW 2025) and NEW ceiling fan (2025). Laundry Room/Utility with window overlooking the yard is conveniently located off the Kitchen. Step outside onto newly built rear entry deck with steps to patio and fenced yard. Storage is a must in a smaller house and we have you covered with a detached storage shed and a pull-down attic! So many other valuable and not often considered investments have been made in this Home so you can move in without worry: replacement windows, NEW 30 year Roof (2024), HVAC (2015 – serviced twice annually), Water Heater (2019), Washer/Dryer (2022- will convey), Furnace flue has stainless liner (2021), Replaced water AND sewer lines to the street (2019), Encapsulated crawlspace with dehumidifier, VA Green contract for lawn Paid thru end of 2025. This turnkey HOME is ready for you to move in, make your own and ENJOY!
Source: CENTRALVIRGINIA #2508193
Source: CENTRALVIRGINIA #2508193
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. When you apply for the loan, you must attest that the home will be your primary residence for 12 months to be approved for an FHA assumption. Most lenders will ask that you move in within 60 days.
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 “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.
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 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 of Equal Opportunity Act.