A Timeless Treasure with Modern Comforts Awaits! Step back in time while enjoying all the modern updates in this lovely American Four Square Style home, a true urban oasis directly across from Penn Park and within a short, less than 20-minute walk of downtown's best coffee and cuisine. The home's charming brick facade and expansive covered front porch welcome you, featuring a unique painted tile design underfoot - the perfect spot for your morning coffee. Inside, you're greeted by the warmth of original hardwood floors that flow throughout the home. Gather around the magnificent wood-burning fireplace, a centerpiece of the living space, featuring a distinctive tile picture hearth that adds a touch of artistic elegance. The formal dining room, illuminated by lots of natural light, provides an elegant setting for meals and entertaining. Sunlight streams through the beautiful stained glass accent windows, highlighting the classic architectural details that define this era. Modern Kitchen, Classic Charm - The heart of the home, the kitchen, has been thoughtfully updated for contemporary living. It boasts a sleek palette of gray and black colors, granite countertops, and newer stainless steel appliances, including a recently installed new dishwasher. This space is ready for both everyday meals and entertaining. Practical updates, like newer windows throughout, add to the home's efficiency and comfort. Even the utilitarian spaces have seen improvement, including a new trap installed in the cast iron sewage pipe and a garage door opener for the two-car detached garage. Upstairs Sanctuary and Attic Potential - Ascend the stairs to a large, welcoming landing that connects the home's four spacious bedrooms. The primary bedroom is a bright sanctuary, bathed in natural light from its three large windows. The fourth bedroom offers a unique feature: walk-up access to the attic. This vast attic space, with its unfinished wood flooring and charming eyelash windows, presents a ton of potential - imagine a future studio, office, or bonus room! Function and Flair - The unfinished basement offers great practical space with its painted concrete floors, divided into several rooms for storage or a workshop, and even features a dry bar for casual gatherings. Outside, the two-car detached garage is a canvas of charm, featuring a beautiful floral mural on the yard-facing side. This is more than just a home; it's a piece of history perfectly positioned for a vibrant urban lifestyle. Come experience this perfect blend of historic architecture, modern updates and an unbeatable downtown location! Bonus: Please note there is an assumable FHA loan on the property that has an interest rate of 4.75%! Please reach out for details.
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.
