8706 Wild Ginger Way, Montgomery Village, MD 20886
4 beds · 4 baths · 1,968 sqft
Welcome home to your private haven at the end of a quiet street in Montgomery County. Entrance to this spacious, single-family, one-car garage home faces a private wooded lot with elevation for playing in the snow or just for family fun. Enjoy the natural light-filled family room with its gas or wood-burning fireplace that flows conveniently to the adjoining eat-in kitchen, and /or to the window-filled sunroom. that leads to the deck and fully fenced backyard. Alternatively, you can cycle back from the kitchen to the formal dining and living rooms on the other side, and back to the front foyer, completing the full circle of the main level. The carpeted stairways lead to the 4 bedrooms and 2 full baths on the top level. The primary bedroom is carpeted and has an ensuite bath with a double vanity, and a separate shower. There is a spacious walk-in closet. The other 3 bedrooms all have wood floors. Enjoy comfort, relaxation, and/or entertainment in a beautiful mirrored wall basement with a 13 ft bar, complete with 8 bar stools next to a full bath. Also in the basement is a large storage room with hook-up for a washer and dryer, There is an additional 5 space shared parking lot near the home. This home is priced and sold 'AS IS'. and has an assumable FHA 2.78% Interest rate mortgage. NO SHOWING FROM 4 PM FRIDAYS TO SATURDAYS. NO SHOWING THIS WEEKEND, Friday, March 21 to Sunday, March 23, 2025.
Source: BRIGHT #MDMC2159058
Source: BRIGHT #MDMC2159058
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.