There’s a certain kind of home that doesn’t need grandeur to make an impression; it simply feels right from the very first moment. Tucked just off Route 31 near Pennington, this charming, beautifully updated ranch is exactly that kind of place. Arrival sets the tone. A generous covered front porch welcomes you in, hinting at the comfortable livability that defines the home within. Step inside to a gallery-style foyer with an alcoved wall perfectly suited for a curated display of photographs and memories. From here, sightlines open to a dining room wrapped in classic wainscoting, offering a refined yet approachable setting for gatherings. Just beyond, the family room becomes the heart of the home, anchored by a fireplace and bathed in natural light from overhead skylights. The space wraps around you, and is cozy, bright, and effortlessly livable. The kitchen is a standout, reimagined with a soft, modern palette of grey and white cabinetry, gleaming stainless steel appliances, and elegant granite countertops. A large window above the sink frames views of the expansive backyard, making even the simplest moments feel connected to the outdoors. Sliding doors extend the living space to a slate patio, perfect for al fresco dining. Throughout the home, updates have been made with both style and practicality in mind. The current owners have transformed the mudroom into a highly functional and attractive entry point for daily life. Bathrooms have been renovated, blending fresh finishes with timeless appeal. Even the oversized garage has been elevated and is now a true year-round space thanks to an epoxy floor and its own mini split system. Three spacious bedrooms provide comfortable accommodations, while a full basement offers finishing possibilities. Out back, the property truly shines, complete with a shed and ample space for play, gardening, or simply enjoying the peaceful surroundings. And while the setting feels serene, convenience is never far away. Downtown Pennington, the Pennington Market, and highly-regarded Hopewell schools are all just a short distance from your doorstep.
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.
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.
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.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
Yes. Non-veterans can assume a VA loan, provided they meet the lender’s VA criteria. When a qualified buyer assumes a VA mortgage from a veteran or active-duty service member, the seller’s VA loan entitlement remains tied to the assumed loan until the buyer pays off or refinances the loan. This process restores the veteran seller’s entitlement, enabling them to use their VA benefit for a future home purchase.
Yes. All FHA loans are assumable by law as long as the buyer meets the FHA’s credit, income, and qualification requirements and obtain lender approval before assuming the loan (per FHA regulations effected December 15, 1989). Roam makes this process simple for buyers.
Generally, conventional loans are not assumable. In rare cases, a conventional loan may be assumable with lender approval. Use our search tool to find homes with assumable low-rate loans, or reach out to us if you’d like to confirm a specific home’s assumability.
