Located on the 19th floor (only 1 floor down from the roof top) in the heart of Philadelphia, across the street from City Hall and in front of the Comcast Office towers, just minutes from the Philadelphia’s prestigious Rittenhouse Square and the best restaurants and nightlife that Philadelphia offers. It sits in the towering Georgian Revival-style building known simply as The Phoenix. Built in 1925 the historic building (also holding a National Historic Landmark status) bears the signature of lauded local architects Stewardson & Page. As such, it features intricate details that date back to that time, ranging from coffered ceilings to Kasota and Carrera marble floors and walls, ornate bronze paneled elevators, and elaborate mill and plaster work. Renovated in 2000, this it retains the remarkable craftsmanship and exquisite stonework of its original construction. The stunning façade, punctuated by granite Corinthian columns, carved eagles perched on globes and limestone cornice crowns, recaptures the spirit of a bygone era. Through the bronze entryways, are exquisite interior spaces graced with elaborate architectural inscriptions—marble walls and floors, coffered ceilings and bronze elevator doors. Among the bevy of new construction and architectural styles emerging throughout Center City Philadelphia, The Residences at the Phoenix stands alone in its historic grandeur and cannot be rivaled by any new construction in the City. With hardwood floors, motorized automatic custom window shades, plenty of closets, all new stainless still appliances, granite kitchen countertops, new LG AI smart washer and dryer, this unique condo faces and has wide open unobstructed views of the quiet Benjamin Franklin Parkway (not obstructed views on the building’s other side), only a floor away from the Building’s stunning terrace with herbal garden, facing the City Hall --- it is a RARE find! Unobstructed views of the city from three sides. Valet parking is available for residents. The building provides direct indoor access to Suburban Station and is close to CHOP, U Penn, Drexel, Jefferson, and Pennsylvania Hospitals. This prime location offers unparalleled city living. Don't lose your chance to see it before it's gone!
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.
