501 Church Rd is a charming and spacious brick Cape Cod in the heart of Cherry Hill, NJ. This beautifully maintained home blends timeless character with thoughtful updates, offering incredible space, versatility, and convenience for today’s lifestyle. Step into the inviting foyer with soaring high ceilings and a large, beautiful entryway that instantly elevates the home’s warm atmosphere. The living room features refinished hardwood floors, recessed lighting, a ceiling fan, and large ceiling lights—an ideal space for relaxing or entertaining. The open-concept living and dining areas flow seamlessly, creating the perfect setting for family gatherings and everyday comfort. The kitchen offers modern cabinets, ample counter space, recessed lighting, and easy access to the backyard—making meal prep and outdoor entertaining effortless. The main floor features two bedrooms with large mirrored closets. A full hall bath with a tub and vanity serves this level, while an additional full bath off the foyer offers a stall shower. To the right of the foyer, you’ll find a spacious family room—currently arranged as a sitting area. This level also features a bonus room that currently serves as a recording studio. This flexible space could also transition into a gym, hobby room, or playroom. Upstairs, you'll discover a loft that also includes a bedroom—perfect for added flexibility as a sleeping space, office, or creative retreat. The lower level offers even more potential with an unfinished basement, which includes a laundry area, utilities, and plenty of room to customize into a rec room, workshop, or expanded storage area. Situated on a corner lot, the property features a large yard, offering endless opportunities to create your dream outdoor oasis. A water softener adds to the home’s comfort and convenience. With its charm, flexibility, generous room sizes, and prime Cherry Hill location—just minutes from the Cherry Hill Mall, fine dining, and shopping—this home is ready for its next chapter. A little updating will make this gem truly shine—schedule your private showing today and imagine the possibilities at 501 Church Rd!
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.
