735 Lazy River Rd, Lusby, MD 20657
3 beds · 2 baths · 1,680 sqft
This four-bedroom, two-bath rambler in Chesapeake Ranch Estates, Lusby, Maryland, offers an exciting opportunity to create your ideal home while building rapid equity. Located on a peaceful dead-end street, the home provides a quiet, private setting with minimal traffic and a convenient parking pad. The spacious finished basement includes a walkout that leads directly to the backyard, offering easy access and great potential for customization. While the home does need some updates, it is priced accordingly to reflect the opportunity for improvement. A brand-new HVAC system is already in the basement, though it will need to be installed—an added benefit that can immediately increase the home’s value. The basement offers additional space for storage, a workshop, or the potential to finish for more living space. A rear deck extends your living area outdoors, ideal for relaxing or entertaining. With a bit of work, this home can be transformed into a true gem. Chesapeake Ranch Estates is a water-oriented community with access to two private beaches on Chesapeake Bay, offering the perfect setting for outdoor activities like kayaking, fishing, or simply enjoying the natural beauty of the area. This property provides a fantastic opportunity for those looking to invest in a home with great potential, build equity quickly, and make it their own. Don’t miss out on the chance to craft the home you’ve always envisioned!
Source: BRIGHT #MDCA2018042
Financials
Source: BRIGHT #MDCA2018042
Source: Public records
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%. 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.
Other resourcesWhat 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.