Welcome to a rare and perfect blend of historic charm and modern upgrades! Currently configured as a 5-bedroom, 1.5 bath home, this property can easily be converted to create a spacious primary suite, resulting in a 4-bedroom, 2.5 bath layout. This beautifully maintained 5-bedroom home, originally built in 1840 with portions dating back to the 1700s, is situated on over a half-acre of majestic, landscaped grounds. This beauty features original hardwood floors, abundance of natural light, and multiple spacious living areas including a formal living room and a warm, inviting family room with fireplace. The updated kitchen offers a stylish mix of butcher block and solid surface countertops, stainless steel appliances, farmhouse sink, upgraded cabinetry, and flows directly into a grand formal dining room perfect for entertaining. A first-floor laundry/mudroom with additional pantry storage adds everyday convenience. The second level includes five generously sized bedrooms, all with hardwood flooring, including a primary suite with a walk-in closet and vanity area, along with updated bathrooms throughout. The current layout offers a unique opportunity to easily convert an adjacent bedroom into a dedicated primary bathroom, creating a true master suite, as it already features a convenient walk-through connection. Major system upgrades include a three-zone newer HVAC system with two Central air units and two furnaces, a newer roof with a 50-year warranty, updated plumbing, new 1/2 bath and Levolor real wood blinds throughout. Outdoor living is equally impressive, featuring a charming side porch with a swing, a paver patio, wrap-around porch, and a fully fenced yard ideal for both relaxation and entertaining. The private, long driveway provides ample parking for at least four vehicles and has been recently relocated and sealcoated. The property is enhanced with new sod, professional landscaping and fully fenced in backyard creating a peaceful and inviting setting. A standout feature is the detached approximately 1,000 sq ft barn equipped with a sub-panel, updated wiring, and EV charging hookup, offering incredible flexibility for a workshop, gym, studio, or additional storage. The home has been thoughtfully renovated with refinished hardwood floors throughout and fresh paint, blending timeless character with modern updates. Additional highlights include solid wood doors, expanded closet space, an unfinished third level with heat offering future potential, and an unfinished basement with utility space. Located in the highly sought-after Wallingford-Swarthmore School District, this property offers exceptional convenience walkability to the train and bus, with easy access to I-476 and I-95, and just minutes from the vibrant downtowns of Media, Swarthmore, and Wallingford. This is a rare opportunity to own a historic home with modern functionality in an unbeatable location.
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.
