Adorable 3 bedroom, 1 bathroom Runnemede bungalow. This home has upgrades galore! The first floor has been freshly painted, has newer flooring throughout and a newer kitchen updated only a few years ago. Enter to a large living room / dining room space with lots of room for entertainment (the current owner is using this space exclusively as a living room). The kitchen features stainless steel appliances, light gray cabinetry and granite countertops. The full bathroom was completely redone in 2018 with a custom tile surround in the shower/tub combo. The second floor features a bonus room (seller uses it as an office) and a nicely sized bedroom. The basement has a laundry room, tons of room for storage and houses the newer HVAC system (2018) and water heater (2018). The electrical system (100 amp service) was updated and upgraded in 2018. The exterior has newer vinyl siding, a large front porch and newer poured concrete driveway. The large backyard has a concrete patio and is fully fenced.This home has solar panels (one side is a PPA system which mean you pay for the generated electricity at a fixed, lower rate and the other side has leased panels at a fixed rate paid monthly). Located just off the Black Horse Pike and very close to Route 42, 295, the NJ Turnpike, this home is a short ride to Philadelphia, Delaware and the Jersey Shore.
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.
