402 Central Avenue, Barnegat Light — Where the Island’s Edge Holds a Legacy. At the far northern tip of Long Beach Island, where Central Avenue meets the horizon and the Atlantic greets the Barnegat Inlet, sits 402 Central Avenue—a home that doesn’t just overlook the water… it belongs to it. Perched on a brick foundation that whispers of an earlier era, this 1986-built oceanfront has always stood on sacred ground. Before this structure rose, another home occupied this very footprint—a reminder that this location has been coveted for generations. It’s easy to understand why: few homes embrace both the Atlantic Ocean and the Inlet, giving you an ever-changing panorama of tides, colors, and life on the water. Barnegat Light itself is unlike any other corner of the Jersey Shore. A Nordic fishing village founded in the 1600s, the town still moves with the rhythm of the sea. The hum of commercial fishing boats. The flash of gulls tracing the shoreline. The lighthouse—Old Barney—standing guard as it has for more than 150 years. Here, life feels both timeless and alive. At the end of Central Avenue in 08006, 402 Central is the final chapter of the island’s northern edge. A home built for sunrise watchers, storm lovers, boat spotters, and anyone who feels pulled toward the water. Inside, the home captures that spirit—open, effortless, and drenched in natural light, with sightlines that keep the ocean in constant conversation. Step onto the decks and feel the salt air roll in. Watch the fishing fleet return at dusk. Let the sound of the breakers anchor you. This is more than a property. It’s a heritage home on heritage ground. A front-row seat to LBI’s most dramatic landscapes. And an invitation to write the next chapter on one of the most storied blocks in Barnegat Light. 402 Central Ave — where land ends, water begins, and history lives on.
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.
