COMING SOON | Prime Location Living on the Square! Wake up to morning coffee on the front porch and end your evenings with a leisurely stroll — this is the lifestyle that awaits you in this tastefully updated Craftsman home. Set on a generous 50x125 lot, the property offers exceptional outdoor living with a welcoming front porch, expansive deck, and lush grassy yard with a landscaped path leading to your private parking pad — all enclosed by tall privacy fencing for your comfort and seclusion. Inside, the thoughtfully designed layout impresses at every turn. The sleek, chef-caliber kitchen is the heart of the home, featuring a premium gas range, dedicated coffee bar, and built-in wine fridge — equal parts functional and luxurious. The main level also boasts new LVP flooring throughout, a cozy electric fireplace in the living room, a separate dining room, two split stairwells, and a full bathroom. Upstairs, the second full bathroom services the bedroom levels with ease. The basement, currently utilized as a private art studio, is in excellent condition and ready to flex to your needs. Recent Updates Include: Brand new HVAC | New sewer line | New dishwasher | Fresh interior paint | French drain system The Neighborhood: Join the vibrant community just steps from the quaint Prospect Park Square where you can read book and relax , play or grab some food at the occasional pop-up markets, enjoy morning coffee runs to Ridley Park with your four-legged friends, grab a pastry at the local bakery, and take advantage of quick, easy access to I-95. The owners are extremely sad to be leaving their home but an unexpected military relocation has been assigned.
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.
