8907 Flower Ave, Silver Spring, MD 20901
3 beds · 3 baths · 1,175 sqft
Welcome home to this delightful 3-bedroom, 1 full bathroom, 2- half bathroom brick Cape Cod, blending timeless charm with modern comfort! This well-maintained home greets you with a relaxing front porch with Trex decking, perfect for sipping your morning coffee or unwinding in the evening breeze. Step inside to discover a warm and welcoming living space, featuring classic architectural details, abundant natural light, and beautiful hardwood floors. The main level boasts a cozy living room with a woodburning fireplace. The living room opens to a bright side sunroom, an ideal retreat for reading, plants, or a cheerful home office. Continuing around the house is a separate dining room and an updated kitchen (2022), with Corian countertops, stainless steel appliances and luxury vinyl planking floors. An oversized window looks out to the large backyard. The main level highlights also include, recessed lighting, a powder room, access to the garage, backyard and side porch. Upstairs, you'll find three comfortable bedrooms with generous closet space, all conveniently located near the full bathroom. The layout is perfect for anyone seeking a blend of privacy and functionality. Out back, enjoy the large, level, fully fenced backyard, a rare find! Whether you're hosting summer barbecues, gardening, or relaxing, this outdoor space is truly a standout feature. Additional highlights include a full basement for storage or future livable space, with a ¼ bathroom, a private driveway, and a convenient location close to public transportation, 495, downtown Washington D.C., Baltimore, parks, schools, shopping, and dining and so much more!
Source: BRIGHT #MDMC2169010
Source: BRIGHT #MDMC2169010
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.