Ranch style home on a corner lot in the desirable waterfront community of Cherry Quay in Brick Township, just steps from the bay. This property features a bright open-plan kitchen and dining area that make everyday living and entertaining easy, a comfortable layout with vaulted ceilings, 3 bedrooms, and 2 bathrooms including an ensuite. The inviting rocking chair front porch, rear deck, and garden set the tone for relaxed coastal living, complemented by ample parking. The home's solid structure offers great potential to customize, expand, or even rebuild into your personal waterview dream with the addition of a garage ARV $650-850K+. Storage space below provides ample room for bikes, gear, and toys. Cherry Quay residents enjoy optional membership to the private beach area and boat ramp, along with access to community activities and events that foster a true neighborhood lifestyle.The seller has obtained plans and permits for renovation and installation of heating, HVAC, electrical, and plumbing systems, which can be updated to meet your preferences. Whether you're seeking a starter home, a peaceful and private retreat, a vacation escape, or a smart investment opportunity suitable for short-term accommodations, this property is packed with potential. With a little imagination and some updates, it can deliver exceptional value and long-term equity. We have access to discounted interest rates, grant programs through our approved lenders, concessions for strong offers and 3D tour
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.
