805 Francis Harris Pl, Annapolis, MD 21401
3 beds · 5 baths · 2,272 sqft
Beautifully maintained 3BR 5 BA, stunning Townhome located in the desirable community of Annapolis Townes at Neal Farm. Stroll the sidewalks to the gated front patio and open the door into four floors of pristine living space, and your new home. The entry level welcomes you into a bright sitting room/office, a half bath, access to the two-car garage, and features stunning engineered hardwood floors that continue onto the main floor. The living space on the main floor consists of an open floor plan offering a spacious dining room, stunning kitchen, a half bath, and a large living room with a gas burning fireplace and access to the first of two balconies. The kitchen features plenty of cabinets finished with crown moldings, a separate pantry closet, stainless steel appliances including a gas double oven freestanding stove, sleek granite countertops with a complementing backsplash, and a stainless sink set into a large center island with glamorous pendant lights and breakfast seating for four. The stairways leading to the two remaining floors have been newly carpeted as well as all three bedrooms. The second floor features a spacious primary bedroom with a large walk-in closet and private ensuite boasting a double sink vanity and a beautifully tiled walk-in shower with a built-in bench. The secondary bedroom also features a private ensuite with a full bath and large closet. And for your convenience this floor features a laundry closet. Just up a few more steps is the fourth floor which offers a large family room with access to a large deck, and third bedroom with another private ensuite boasting a walk-in shower. This home is move-in ready, ideal for any new homeowner, and is located in close proximity to shopping restaurants, and commuter routes.
Source: BRIGHT #MDAA2101400
Financials
Source: Public records
Source: BRIGHT #MDAA2101400
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.