Welcome to 3 Norwood Drive in Marcus Hook, PA, a rare opportunity to own a true single-family home at an incredible value in a well-established, convenient neighborhood. Priced at just $150,000, this two-bedroom, one-bath property delivers exactly what today’s buyers are looking for: affordability, location, and long-term potential all in one package. Inside, you’ll find a comfortable and functional layout featuring a spacious living room, dedicated dining area, and a practical kitchenette space that makes the main level easy to live in and easy to personalize. The home offers a warm, simple flow that gives you a solid foundation whether you’re a first-time buyer, downsizing, or investing. The lower level basement adds valuable storage space along with laundry, giving you the everyday functionality that many homes in this price range often lack. Out back, the fenced yard is ideal for pets, outdoor enjoyment, or future upgrades. The current setup includes full fencing, with the flexibility to adjust one section to create off-street parking or a private driveway if desired. Street parking is also readily available in front of the home. Key updates provide peace of mind, including a newer roof and updated heating and air conditioning system, helping reduce upfront concerns for the next owner. While the home does offer an opportunity for cosmetic updates and personal touches, that is exactly where the value lies. Whether you’re an owner-occupant looking to build equity or an investor seeking a strong rental in a consistently in-demand location, this property offers flexibility and upside. What truly sets this home apart is the combination of affordability and location. You are getting a detached single-family home in a convenient area with strong neighborhood appeal, easy access to major routes, and everyday amenities close by. 3 Norwood Drive is the kind of opportunity that does not come around often, simple, solid, and full of potential at a price point that makes sense. Home is being sold in as-is condition buyer responsible for township U&O application and repairs.
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.
