Welcome to 318 State St, a charming townhouse located in the heart of Camden, NJ. This home was built in 1998 and offers a modern and spacious living space for its residents. With 1.5 bathrooms and a total finished area of 1,490 sq.ft., this property is perfect for a small-medium family or individuals looking for a cozy place to call home.As you enter the property, you will be greeted by a bright and inviting living area with plenty of natural light streaming in through the large windows. The open floor plan seamlessly connects the living room to the dining area and kitchen, creating a perfect space for entertaining guests or relaxing with your loved ones.The kitchen is equipped with modern appliances and ample cabinet space, making meal preparation a breeze. The bedrooms are spacious and offer plenty of closet space for storage. The bathrooms are well-maintained and provide a clean and comfortable environment for your daily routines.Outside, the property features a sizable lot size of 3,025 sq.ft., offering plenty of outdoor space for gardening, hosting BBQs, or simply enjoying the fresh air. The low-maintenance yard is perfect for those who prefer to spend more time relaxing and less time on yard work.Located in a convenient location by the Camden waterfront, this townhouse is just a short distance away from local amenities, schools, parks, and public transportation. With easy access to major highways, commuting to work or exploring the surrounding areas is a breeze.318 State St is a lovely townhouse that offers a comfortable and modern living space in a convenient location. Don't miss the opportunity to make this property your new home sweet home!
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.
