Welcome to 29 Barclay Drive in the riverfront community of Pennsville! This 3-bedroom, 1.5 split level style home has not 1, not 2…..but 3 living spaces! A front living room, a family room downstairs, AND an awesome 3 season enclosed sun porch! Space for all! The inviting living room features hardwood floors and sunny large front window. The kitchen has an island, built in appliances, a pantry, and writing desk area! All tastefully decorated and well cared for! The upstairs level features 3 bedrooms with ample closet space, and six panel white gleaming doors with updated hardware too! The main bathroom upstairs is NEW! Remodeling just finished! The downstairs level features a living room, and laundry/utility/storage room. And, the sunporch is a great place to relax and enjoy quiet time. The back deck is 1 year old, and overlooks the fenced backyard with shed. The ROOF is only around 4 years old, and the property features gas heat and central air. Public water/sewer round out the utilities. The property is a short walk to the Valley Park Elementary School, and NOT located in a flood zone! Pennsville is located on the Delaware River. Public access to the water available close by for boating/fishing. Bike/walking path along the water for public use. The Shipyard open air restaurant is a short drive from the property! Property is centrally located to Wilmington, DE (20 minutes), Philadelphia (40 minutes), Baltimore (2.5 hrs.), and Jersey shore points (1.5 hours). Quick access to many major roadways of 295, Delaware Memorial Bridge, Commodore Barry Bridge, 295, NJ Turnpike. Property is located in a USDA approved area, so 100% available. A well cared for home with a good layout, NEW bathroom, newer roof, a fenced yard in a great neighborhood!
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.
