***OPEN HOUSE! Sunday 4/12/26 from 12pm to 2pm*** Welcome Home to 1312 S Alder Street! This charming home is located in the heart of Passyunk Square —one of Philadelphia’s most loved neighborhoods. Offering 1,138 square feet of living space, this home blends comfort, character, and an unbeatable location. As you enter, you will find an open-concept and a modern aesthetic. The spacious living room features gorgeous, solid hardwood flooring. This room is large enough to put a dining table as well, should you so desire. The updated kitchen boasts ample cabinetry, a stainless steel oven and refrigerator and a large island with lots of seating and additional counter space. Off the kitchen, you will find your private yard — perfect for grilling, relaxing, enjoying a good book or sipping on your favorite beverage... the choice is yours! Upstairs you will find more stunning hardwood floors, two generously sized bedrooms, and an expanded full bath. Additionally, you will find the convenience of a large walk-in closet in the hallway. This home was originally a three bedroom and was converted to a two bedroom in the past. Therefore, the bathroom is more spacious, and the additional walk-in closet is a huge bonus. The full basement has a newer washer and dryer and all the storage space you will ever need. And talk about LOCATION, LOCATION, LOCATION! 1312 S Alder Street is steps away from some of the absolute best the city of Philadelphia offers including but not limited to the vibrant and popular East Passyunk Avenue, amazing restaurants including the historic Victor Cafe, Stogie Joe's Tavern, Cantina Los Cabillitos, Ember and Ash and Barcelona Wine Bar, just to name a few. You will be just steps away from two of the city's most famous steak shops — Pat's and Geno's. You can also take a walk to Philadelphia's amazing Italian Market. Additionally, Columbus Square Park is just a short stroll away, allowing a nearby retreat for your furry friends. This home is an incredible opportunity to own a turn-key residence at an affordable price and be surrounded by some of the best that the city has to offer! Don't wait... schedule your showing today and make 1312 S Alder Street your new Home SWEET Home! ***Virtual Tour Available!***
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.
