OPEN HOUSE SUNDAY 2/15 from 11am to 1pm! Welcome to your new home in the "Blueberry Capital of the World," Hammonton, NJ. This captivating 2-story colonial perfectly blends classic character with essential modern updates. Featuring 3 bedrooms and 1.5 baths, this home is ready to impress. Step inside and be bathed in natural light that spills through the windows in great condition. You'll find durable vinyl plank flooring running throughout the kitchen, living room, and dining room. The character and old-school charm are undeniable, thanks to beautiful banisters, trim, and moldings. The large kitchen boasts a center island and recessed lighting—ideal for cooking and entertaining. Head upstairs to find brand new, cozy carpet on the stairs and in all three bedrooms, providing a fresh start. This home offers peace of mind with significant infrastructure updates: a 2-year-young Furnace and condenser, and an upgraded 200 amp electrical service. Storage is plentiful with a full basement and a walk-up attic that presents a fantastic opportunity for finishing or simply use it for storage. Practicality is covered with a separate main-level laundry room. Outdoor living is a delight with a charming wraparound porch and a brand new back deck. The fenced-in backyard with a shed creates the perfect setting for gatherings and play. For quiet moments, escape to the back sunroom, a wonderful space for meditation or yoga. Centrally located, you are just moments from all the best Hammonton has to offer, including local shopping and the famous Bagliani's Market. Don't miss your chance to own this absolute gem!
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.
