8220 Hortonia Point Dr, Millersville, MD 21108
5 beds · 4 baths · sqft
Get a free consultation call with an expert in the mortgage assumption process.
5 bedroom/3.5 bathroom brick colonial located on a beautiful lot in Shipley's Retreat. Spacious main floor with an eat in kitchen that opens up to a large sunken in family room with cozy gas fireplace. Kitchen includes stainless steel appliances, marble countertops, island and wet bar. Kitchen also opens up to a large deck for relaxing and entertaining. A walk down the deck stairs and you can also enjoy your plush backyard with a newly installed fire pit. In addition to the family room, living room and dining room, the main floor also has a home office and a mudroom directly off of the two car garage. The upstairs has hardwood flooring throughout and 4 bedrooms, including the primary bedroom which has a walk in closet and spa like bathroom. The basement includes a 5th bedroom, full bathroom, finished rec room area and an another un-finished space that is used for an exercise room, but could be converted into another bedroom or office. Gorgeous wood plantation shutters are installed throughout the entire home. Key high ticket items have been updated or replaced in recent years: Brand NEW ROOF in 2024 and new HVAC and water heater within the last 5 years. Kitchen appliances, countertops and washer are also within the last 5 years. Irrigation system. Ideal location with walking/biking paths close by. Don't miss the pond in walking distance from the home. It is a hidden gem! Kinder Park around the corner and easy access for commuters to 97, 50 and 32. Welcome home!
Source: BRIGHT #MDAA2094130
All values shown are estimated costs / mo.
Source: Public records
Source: BRIGHT #MDAA2094130
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 and Equal Opportunity Act.