Welcome to easy, low-maintenance living at 421 Derry Drive in the desirable Ballinahinch community! Whether you're purchasing your first home or looking to simplify your lifestyle, this inviting 2nd floor condo with a private entrance offers comfort, convenience, and plenty of potential to make it your own. This 2-bedroom, 2-bath home features an open and functional layout. The kitchen offers warm oak cabinetry, granite countertops, an undermount sink, and white appliances, with views into the dining area and living room—perfect for everyday living or entertaining. The bright living room is filled with natural light from 2 skylights and features a cozy gas fireplace with an updated surround. Oversized sliding glass doors lead to a private rear deck, creating the perfect spot to enjoy your morning coffee or unwind at the end of the day. The spacious primary suite includes a ceiling fan, a generous walk-in closet, and a private full bath. A second bedroom, also with a ceiling fan, is conveniently located near the hall bath, making it ideal for guests, a home office, or hobby space. The hallway also includes a laundry closet and a separate linen closet for added convenience. Need extra storage? The walkout basement provides abundant storage space. Parking is conveniently located directly in front of the home for easy access. Additional updates include a newer gas water heater (2022). The monthly condo fee covers exterior building maintenance, lawn care, snow removal, trash service, and access to community amenities including tennis courts and tot lots. Enjoy an unbeatable location just minutes from the shops and restaurants of Media and West Chester, the Chester Creek Trail for walking, biking, and running, Linvilla Orchards, Wolff's Apple House, the Rocky Run YMCA, and both the Wawa and Elwyn SEPTA Regional Rail stations. Commuters will appreciate easy access to Routes 1, 452, 476, and I-95. Offering low-maintenance living in a convenient location within the Penn-Delco School District, this home is ready for its next owner. Schedule your showing 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.
