8510 Ironington Ter, Richmond, VA 23227
5 beds · 3 baths · 3,112 sqft
$5K toward buyer's closing costs. Calling all DIY enthusiasts and visionaries! This spacious 5 bedroom, 2.5 bathroom home at 8510 Ironington Ter in Richmond, VA is brimming with potential and awaits your personal touch. Nestled on a generous .48 acre lot in the desirable Westbury Estates neighborhood, this property offers the perfect blend of space, privacy, and opportunity. Bring your design ideas and roll up your sleeves! This home is being sold as-is, presenting a fantastic chance to build equity and create the home of your dreams. Imagine the possibilities as you reimagine the kitchen, update the bathrooms, and add your own style throughout. Features: 5 bedrooms, 2.5 bathrooms: Ample space for a growing household or multi-generational living. Large .48 acre lot: Enjoy outdoor living and create your own backyard oasis. Hardwood floors: A classic foundation waiting to be refinished and brought back to life. Fireplace: Cozy up on chilly evenings in the living room with its brick fireplace. Big driveway: Convenient parking for multiple vehicles. Prime Location: Located in the established Westbury Estates neighborhood, you'll enjoy a peaceful setting with convenient access to schools, shopping, dining, and major highways. Don't miss out on this incredible opportunity! With a little vision and effort, you can transform this diamond in the rough into your forever home.
Source: BRIGHT #VAHN2000830
Financials
Source: Public records
Source: BRIGHT #VAHN2000830
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.