Experience comfort, privacy, and small-town charm in this beautifully maintained home located in the peaceful Shannon Oaks neighborhood. Known for its quiet, tree-lined streets and welcoming community, Shannon Oaks offers serene living with convenient access to everything Rio Grande has to offer. Step inside to a bright, open-concept living room, dining area, and kitchen; an ideal layout for everyday living and family gatherings. Natural light fills the space, highlighting the home’s clean design and warm character. The kitchen has been thoughtfully updated with a new dishwasher (2025) and new countertops, sink, stove, and refrigerator (2023). A large pantry provides excellent storage, blending practicality with style. Down the hall, the master bedroom offers generous closet space, while the updated main bathroom features fresh tile flooring, a new vanity, and a new toilet. At the end of the hall, a spacious laundry room with a brand-new Samsung front-load washer and dryer connects directly to the two-car garage for added convenience. Upstairs, you’ll find two large bedrooms with charming dormer windows that bring in abundant natural light. The hall bathroom has just been updated with brand-new tile flooring, a modern vanity, and a new toilet. A roomy hallway closet provides additional space for linens, towels, and storage. Outside, the property offers even more to love. The yard features a large outdoor shed, a driveway that accommodates up to two cars, and ample on-street parking. The quiet, low-traffic street makes the neighborhood especially safe and enjoyable for children riding bikes, walking pets, or spending time outdoors. This home has been meticulously updated this year, including fresh interior and exterior paint, recessed lighting, a new gas HVAC system, an electric water heater, new bedroom fans, and gas service added to the house. Combined with the updated kitchen, bathrooms, and laundry room, the home is fully move-in ready with a modern, refreshed feel throughout. Perfectly situated just minutes from shopping, dining, local parks, and the world-famous beaches of Wildwood and Cape May, this home offers the ideal balance of convenience and relaxation. Enjoy everything Rio Grande has to offer, then return to the peaceful comfort of Shannon Oaks. Blending style, functionality, and comfort, this home is the perfect choice for families seeking a welcoming retreat!
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.
