HANDYMAN SPECIAL with massive upside and instant equity potential! Welcome to 46 W Hanover Avenue in Randolph, a home full of opportunity in one of Morris County's most desirable towns with a top-rated school district and an ARV of up to $800,000. This property offers 3 bedrooms, 3 full bathrooms, and lots of additional space for multifunctional use. The main level features a spacious living room, welcoming dining room, eat-in kitchen, two generously sized bedrooms, a full bathroom, and access to the garage. The second level offers another bedroom, a full bathroom and a generous transitional space, which can be used as an office space, a play room or a sitting area. The full basement provides incredible versatility with laundry, storage, utility room, and two spacious rooms for a bonus room, home gym, office, or additional living area. Situated on a large corner lot, the exterior features an attached 2-car garage, nicely sized deck, and spacious fenced-in backyard. nestled between Morristown and Denville, and close to routes 10, 46, and 80, top-tier dining, shopping, nightlife, activities, parks and hiking trails are all within a quick easy reach. All public utilities. Roof 3 years old. Water Heater 2 years old. Home is being sold as-is so much potential, it will not last! Schedule your private showing today! In light of recent severe weather, please exercise caution on walkways and stairs. HIGHEST AND BEST OFFERS DUE TUESDAY, FEBRUARY 17, AT 5PM.
46 W Hanover Ave, Randolph, NJ 07869
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.
