An exceptional opportunity for INVESTORS AND CASH BUYERS seeking a property rich in character, charm, and long-term potential. This is a value-add opportunity that should not be overlooked. Welcome to 5505 Hamlet Avenue — a classic Colonial offering timeless architectural appeal, including a welcoming front porch, a rear attached deck, a durable slate roof, and a thoughtfully updated radiator heating system (February 2025). Ideally positioned on a well-situated lot with off-street parking and a shared driveway, this property presents a rare opportunity to reimagine and enhance a home with strong underlying fundamentals. The residence features a traditional floor plan with defined living and dining spaces, complemented by abundant natural light throughout. The kitchen offers table space, pantry storage, and convenient access to a powder room, providing an excellent foundation for a future redesign. Upstairs, three bedrooms and one full bath are accompanied by an upper-level two walk-in attic — a rare and valuable feature with potential for expanded living space or a private primary suite. The lower level, currently unfinished, includes laundry, storage, and walk-out access to the backyard. Notably, the basement also features a dual gas meter, presenting potential for conversion to a multi-unit configuration, subject to county approval. Buyers are strongly encouraged to conduct their own due diligence and consult with the county regarding zoning, permitting, and any intended structural improvements. The flat, fully fenced backyard further enhances the property’s appeal, offering ample space for outdoor living, future expansion, or redevelopment. The setting is complemented by mature landscaping, including a Japanese maple shrub that adds seasonal beauty and charm. While the home requires a full renovation due to prior water damage, key systems have been addressed, providing a solid framework for transformation and value creation. Offered strictly “AS IS” and priced accordingly, this property is ideally suited for seasoned investors, renovators, or developers looking to unlock its full potential. With its desirable layout, architectural character, and generous lot, this is a strategic acquisition with significant upside. Call Kya to schedule your appointment 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.
