5900 Medora Rd, Linthicum Heights, MD 21090
3 beds · 2 baths · 1,982 sqft
Time machine back to 2021 interest rates. **This gorgeous home has an assumable VA mortgage with a 2.25% interest rate** Non-veterans are eligible. Monthly payments $1,800 including taxes and insurance** Located on a quiet 0.46 acre parcel in Linthicum Heights. This home includes a 500 sqft in-law suite in the basement with a kitchen, full bath, private laundry, and private entrance. The main living quarters feature original heart pine wood floors. Upstairs there are 3 bedrooms, 1 full bath, and laundry closet. Updated stainless steel appliances. The property features a 650 sqft outbuilding with electric service, ideal for a workshop or additional storage. There is also a detached single-car garage. The fenced rear yard makes an ideal play area for children and pets. The updated roof (2021) and dual-zone Central A/C (2024) will keep your expenses low. Located on a quiet street with no through-traffic. Minutes from major commuter routes of I-695, I-95, and I-97 to DC, Ft Meade, and Annapolis. Blue-Ribbon Linthicum School District! **The assumable mortgage is $300k. Buyer will need cash or secondary financing to make up the difference in the price. The loan assumption process is done through the mortgage servicer (Lakeview). Text or call the listing agent for details and contact info for the servicer. They can provide basic info on the process, it's similar to a mortgage application.
Source: BRIGHT #MDAA2110330
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Why Roam
Gap financing to lower your down payment
Unlock down payments as low as 5% – only with Roam
5x the likelihood your offer is accepted
If a purchase takes longer than 45 days, we’ll cover the seller’s mortgage until you close
Close faster and stress-free
We close 2x faster because of our deep experience and lender relationships
Rates and payments are estimates based on public records.
Source: Public records
All values shown are estimated costs / mo.
Source: Public records
Source: BRIGHT #MDAA2110330
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 of Equal Opportunity Act.