Charming and spacious Victorian home featuring 5 bedrooms and 2 full baths! This beautiful property blends timeless character with modern updates and offers plenty of space for everyone. The home includes two sets of stairs leading to the second floor, a large backyard, and a detached garage currently being used as additional living space—but can easily be converted back to a fully functional garage. Enjoy multiple entry points with front, side, and rear entrances. Step into the inviting living room showcasing original hardwood floors and detailed crown molding, which flows seamlessly into the elegant dining room highlighted by wood-beamed ceilings. The first floor also features a bright mudroom with laundry area and a stylish eat-in kitchen complete with granite countertops, stainless steel appliances, and recessed lighting. A full bath conveniently located off the kitchen completes the main level. The second floor includes a full bath featuring a classic clawfoot tub, a spacious primary bedroom, and two additional bedrooms. Head up to the third floor to find two more generously sized bedrooms, perfect for guests, an office, or additional living space. This home truly captures the charm of its era, showcasing exquisite woodwork, original floors, and detailed radiators that have been preserved to maintain its authentic Victorian character. The windows are being conveyed as-is to preserve the home’s historical integrity. An above-ground pool is included and can easily be removed if desired. Additional highlights include a whole house water filtration system for drinking water and a new roof installed in 2021. Conveniently located neighboring historic Merchantville and just minutes from Cherry Hill’s shopping, dining, and entertainment, this home offers the perfect blend of classic charm and modern-day convenience. This home must be seen in person to fully appreciate its beauty and craftsmanship. Schedule your private tour today! Sale is contingent upon seller finding suitable housing.
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.
