Welcome to the enchanting countryside of the Parkertown section of the Great 08087! This stunning farmhouse-style home awaits you on over an acre of beautiful land, providing both privacy and captivating wooded views. Step inside to discover exquisite wood flooring that flows seamlessly throughout, creating a warm and inviting atmosphere. The main floor boasts an updated kitchen that is truly a chef's dream, featuring elegant granite countertops and modern stainless steel appliances. The charm of country living is evident with a distinctive brick baking area that includes built-in storage solutions. Imagine hosting gatherings in the separate formal dining room, complete with its own cozy wood-burning fireplace. You’ll also find a flexible living space that can serve as an office or den—perfect for your unique lifestyle. The spacious living room, also with a wood-burning fireplace, leads you to an enclosed sunroom, an idyllic retreat for sipping morning coffee and enjoying your favorite book. A laundry room and half bathroom add to the convenience of this level. Ascend to the second floor, where the primary suite awaits, featuring a generous walk-in closet and a luxurious full bathroom. You'll also find three additional spacious bedrooms, ensuring ample space for family and guests, along with another full bathroom to accommodate everyone comfortably. Did you say closet space? There is plenty for everyone! A hidden door in the main living room conveniently leads to a full unfinished basement, providing endless possibilities for storage or future expansion. This home offers the comfort of two-zone hot water baseboard heating and two-zone central air conditioning, making your living experience truly enjoyable. Step outside to the freshly paved oversized circular driveway and a detached two-car garage, complete with extra storage above. Plus, there’s an additional covered area behind the garage, perfect for all your storage needs. This property is not just a home; it's a retreat where country charm meets modern convenience. Don't miss your chance to make it yours!
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.
