Nestled on a quiet cul-de-sac street, this stunning Colonial offers the perfect blend of classic charm and modern functionality. Set on over 3 picturesque, level acres, the property features a fully fenced backyard, a convenient storage shed, and a massive deck - the full length of the back of home, ideal for entertaining or quiet morning coffee. Inside, a grand 2-story foyer welcomes you into a home defined by gleaming hardwood floors and abundant natural light. Formal Living room & Family room with a wood burning fireplace, a powder room, leads to the heart of the home, a chef's kitchen w/granite countertops, stainless steel appliances, a 5-burner gas cooktop, and a center island. The 1st Floor is uniquely flexible, a formal dining room flows seamlessly into a massive great room and dedicated office space, while the family room invites cozy evenings by the brick fireplace. With a full bath and dual sliders to the deck, the main level offers endless possibilities for an in-law suite or expanded workspace. Upstairs, find four spacious bedrooms, including updated baths and laundry. Many Updates/Features include New Roof ( 2022 ), New Hardwood floors ( 2022 ), New water conditioning - system ( 2022 ), Washer/Dryer ( 2025 ), House alarm ( 2025 ), huge partially finished basement, 2-car-garage, Located just minutes from the Morristown NY Transit train and top-tier Chester and Mendham schools, this home offers luxury, privacy, and an effortless commute. A MUST SEE !!
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.
