OPEN HOUSE SATURDAY 2/7 1:00-4:00pm!! Historic Charm Meets Modern Peace of Mind in Bristol Borough! Discover this delightful 3-bedroom, 1.5-bathroom home perfectly situated in the heart of historic Bristol Borough. This property offers the rare combination of move-in readiness (with a price that allows you to make your own improvements) and an unbeatable location, just steps from the scenic waterfront walks of Radcliffe Street and a short walk to the local grocer and the vibrant shops, cafes, and eateries of Mill Street. Mechanical upgrades provide immediate value and long-term peace of mind. The home was fully converted to gas heat with a new furnace and a replaced water heater in February 2022. Additionally, the sewer line portion in the basement has been recently replaced, further ensuring a worry-free transition for the new owners. The main floor features a spacious layout, including an expanded rear family room that makes the home feel significantly larger than the reported square footage. This space leads out to a fully fenced-in rear yard, ideal for pets, gardening, or outdoor entertaining. Parking is never a concern here—a rare find in the Borough! The property includes private rear parking for two vehicles, plus ample additional street parking nearby because the home is very close to the beautifully preserved St. James historic cemetery, the final resting place of at least six Revolutionary War veterans and 35 Civil War veterans, with a view of the historic Church from the backyard! As if all of this wasn't enough, this home qualifies for a community lending program that gives conventional financing with only 3% down and lender paid mortgage insurance plus a 1% rate reduction! Save literally thousands! Reach out to listing agent for more information! Don't miss your chance to join this thriving community and enjoy everything Borough living has to offer!
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.
