IN-LAW SUITE( SEPARATE ENTRANCE AND OWN LIVING AREA)• PAID OFF SOLAR PANELS ($1,700 IN SAVINGS) From the moment you arrive, 406 Rhode Island Avenue feels like home. Set in one of Cherry Hill’s most sought after neighborhoods, this four bedroom, two and a half bath home has been thoughtfully updated to combine everyday comfort with modern design. Enjoy the benefit of paid off solar panels that help reduce utility costs and keep monthly bills low. With no lease to assume and approximately $1,700 in annual savings as reported by the seller, this is one of those rare upgrades that keeps giving back year after year. Step inside to a bright, open layout featuring a renovated kitchen with granite countertops, modern cabinetry, and stainless steel appliances. The spacious living room is filled with natural light and flows effortlessly into the dining area, perfect for gatherings with family or friends. A finished basement adds even more versatility for a gym, playroom, or home theater. The in law suite offers a true sense of freedom and flexibility. Complete with its own living area and separate entrance, it’s perfect for multigenerational living, long term guests, or anyone who values privacy and comfort. Outside, the backyard is your personal retreat with a covered patio, a large fenced yard, and an above ground pool ready for summer fun. Two oversized sheds provide plenty of storage for tools, bikes, or pool gear. Cherry Hill continues to be one of South Jersey’s most desirable places to live, offering top rated schools, tree lined streets, and easy access to Philadelphia’s restaurants, shopping, and nightlife just minutes away. This home isn’t just move in ready, it’s move in and never want to leave ready. 406 Rhode Island Avenue is where comfort and versatility come together in one perfect package. Schedule your tours today!
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.
