Seller offering a substantial seller's assist! Welcome to Mount Airy's 101 E Phil Ellena. A stunning 4-bedroom, 3-bathroom detached masterpiece (built in 2021) where sleek modern architecture meets the cozy charm of Mt. Airy. This home represents a rare financial opportunity, as the seller is now offering a generous seller’s assist to the buyer. Combined with over six years remaining on the tax abatement and special financing options for qualified buyers—allowing for a purchase with less than $22,000 down and monthly payments under $3,800—this luxury residence is not only a smart investment, it's a beautiful place to live. The main level greets you with an explosion of natural light and high-end finishes, featuring light hardwood floors and a striking glass-encased floating staircase accented by recessed floor lighting. A designer board and batten accent wall adds a touch of sophistication to the open floor plan. The gourmet kitchen is a showstopper, boasting white shaker cabinetry, luxe Samsung black stainless steel appliances, and quartz countertops that extend into a seamless backsplash. The two-tier island serves as the heart of the home, perfect for casual breakfasts or hosting friends before heading out to the massive, flat backyard that offers an urban oasis for gardening or outdoor gatherings. The living space extends into the finished lower level, which features a stylish wet bar, a cozy media or playroom, and a private guest suite with standout tilework. On the second floor, you will find two bright bedrooms—one featuring a private balcony and the other a custom closet—alongside a sleek hall bath and a conveniently located laundry closet. The entire third level is a dedicated primary retreat, complete with a gas fireplace, a jaw-dropping floor-to-ceiling custom walk-in closet, and a spa-like bathroom featuring a soaking tub, double vanity with LED mirrors, and a massive rainfall shower. A second wet bar is perfectly positioned just outside the suite for easy access to the private rooftop deck, which offers breathtaking views above the treeline. Equipped with a driveway for easy parking, pre-wired speakers throughout, and a Ring doorbell for security, this home is fully prepared for modern living. You are ideally situated just a block from Germantown Avenue, around the corner from local favorites like Lovett Park and Lovett Library, while the vibrant scenes of Chestnut Hill and Manayunk are only minutes away. This is a rare chance to own a detached dream home with significant seller incentives in one of the city's most beloved neighborhoods. Walk around, and you'll see many new construction homes and renovations popping up. Schedule your tour today to experience 101 E Phil Ellena and be enthralled!
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.
