3 Bedroom 2.5 Bath Split Level Home with over 1800 square feet of living space is located in the Desirable Lower Moreland School District. The main level offers newer hardwood flooring throughout the living room, dining room and kitchen along with crown molding, large front window and coat closet. The dining room has chair rail, crown molding and decorative lighting. The newer eat-in-kitchen features plenty of cabinets, Quartz countertops AND Quartz backsplash. Appliances include refrigerator, dishwasher, commercial 6-burner gas range with hood vent. Recessed lighting and the cutest designated coffee bar with shelves above. Just in time for spring and summer. Sliding glass door to ALL season room with wall-to-wall carpet, plenty of windows, skylights, ceiling fan and split unit for AC and Heat. Best of all, exit to rear patio with retaining wall and large rear yard with shed. Heading to the upper-level, the hallway offers linen closet, 3-piece ceramic tile hall bath, attic fan and 3 large bedrooms. All the bedrooms feature carpet, ceiling fans and spacious closets BUT the primary bedroom also offers a full bath with stall shower. The lower level is finished with plank flooring, brick front wood top bar with pendant lights, brick front gas fireplace with mantle. In addition, there is a BONUS room, perhaps a 4th bedroom/guest room/office also with plank flooring. The lower level offers a laundry room with half bath, (this area is all drywalled and taped, ready for your personal touches of paint and decoration). Side door provides easy access to the 6+ car driveway and side yard. There is plenty of storage via access to the left of the bar, be sure to check it out on your visit. Close to Schools, Huntingdon Valley Country Club, Philmont Country Club, Holy Redeemer Hospital, Philmont Septa Station and Bethayres Septa Station, Lorimer Park, Restaurants and Shopping. Good luck on your showing at 3268 Oak Road!
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.
