**Charming 3-Bedroom Colonial with Great Potential** Welcome to this adorable Colonial located in the Collins Tract section of Pennsauken! This 3-bedroom, 1.5 bath boasts a nice sized enclosed front porch as you enter the home. Step inside to a warm and welcoming layout where every room feels inviting. Sunlight pours through the home throughout the day, creating a picturesque, calming atmosphere from morning to dusk. It’s a space that instantly makes you feel at ease. Designed for both everyday living and entertaining, this home is truly exceptional for hosting gatherings with friends and family. The open, comfortable spaces make it easy to celebrate milestones, enjoy holidays, or simply relax while watching your loved ones play and grow. A separate breakfast nook overlooks the deck and a fully fenced back yard offering privacy, ideal for outdoor gatherings, gardening and or pets. Inside, you’ll find an unfinished basement offering plenty of storage space. The third-floor walk-up attic has three huge dormers making it great space for a fourth bedroom or even a full master suite. The neighborhood offers great outdoor amenities just a few driving minutes away, including a beautiful bike and walking path, nearby parks, tennis courts, a pickleball court, and community garden. This home is well maintained with good bones making it the perfect canvas for customization. The location is highly convenient, within walking distance to the bus stop and just minutes from local schools, the BRAND NEW Pennsauken Municipal Building and Library complex which also features an inclusive Jake’s Place Playground for children of all abilities. The home is also close to vibrant downtown Merchantville and the Cherry Hill Mall, offering endless shopping and dining options. With quick access to Interstate 295, Route 38, Route 70, Route 73, the NJ Turnpike, and Route 130, you can easily reach all the best that the area has to offer. Plus, you’re only 15 minutes from Philadelphia, making this location ideal for commuters. Although this property is being sold as-is the Seller is providing a 1-year home warranty for peace of mind. With a bit of TLC, this house could become your dream home. The buyer is responsible for the Certificate of Occupancy, providing the perfect opportunity to renovate and personalize it to your liking. Don’t miss out on this fantastic opportunity to own a home in a prime Pennsauken location with endless potential. Whether you’re looking for a peaceful retreat or a home that fits your active lifestyle, this property delivers the perfect blend of charm, warmth, and location. 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.
