Welcome to 2202 Swede Road in E Norriton, a rare find on a beautiful corner lot with incredible options for both inside and outdoor living!! THIS COMPOUND CONSISTS OF THE MAIN HOUSE, OFFERING 4 BEDROOMS AND 2 FULL BATHROOMS,,, plus THE TWO STORY, OVERSIZED, DETACHED GARAGE WHICH HAS BEEN CONVERTED into a 1 BEDROOM GUEST HOUSE/WORK FROM HOME SPACE/ENTERTAINING VENUE complete with one bedroom and one full bath. Inside the main house, abundant light complements the open living spaces. The generously sized living room and dining room offer flexible floor plan options. The large white kitchen shows exposed beams and offers plenty of cabinets & counter space. Exit directly to the covered porch, ideal for eating outdoors while appreciating the picturesque grounds. A lovely bedroom and a full bath with an exposed stone wall complete the main level. Heading upstairs, the nicely sized owner's bedroom offers a huge walk-in closet!!! Two additional bedrooms also have large closets. Pull-down stairs offer easy attic access. The second full bathroom has a shower/tub and services the second floor. The basement has plenty of storage room and laundry room. Gas radiator heat and central air service the main house. Inside the detached guest house, you'll find a full kitchen, bar area with seating, and a large full bathroom with jetted tub. The second floor loft offers one bedroom along with extra storage. One car can be parked inside of the garage, or the open space makes for a wonderful screening room!! The level, usable grounds (almost 3/4 acre) are yours to enjoy!!! There are three patios for elevated outdoor living experiences. Host family game nights, barbeques, roast marshmallows in the firepit, play flag football...while surrounded by greenery and shade trees. There is also a nature trail behind the house taking you to Germantown Pike. Parking for 10+ cars is easily accomplished with the expansive circular driveway. There is also fencing and a storage shed. Explore this terrific location where you can quickly access Septa's regional rail taking you to Philadelphia and beyond! The PA Turnpike, Schuylkill and Blue Route are minutes away. Norristown's Elmwood Park Zoo is a half-mile down the street, and plentiful restaurants and shopping abound. TRULY A VERY SPECIAL AND UNIQUE PLACE TO CALL HOME!!
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.
