Charmer on South Camac Street, just steps away from bustling Passyunk Avenue in the heart of Passyunk Square! This quintessential South Philly rowhome on a quiet block just off Passyunk Avenue is not only move-in ready but also offers a rare opportunity for qualified buyers to assume the sellers' FHA loan with a 3.25% (YES, 3.25%!) interest rate! Step through the penny tile entryway into the 14ft wide living room featuring gleaming hardwood floors, a large bay window with plantation shutters, a custom media cabinet, built-in speakers, recessed lighting, plus a dining area complete with a wood accent wall and a chandelier. The large eat-in-kitchen has been updated with quartz countertops, a deep sink, cherry wood cabinets, stainless steel appliances including a built-in microwave, and tile flooring. The rear patio provides a great space for al-fresco dining and provides access to the alley leading straight to the street. The main level also features a convenient half bath with fun details like shiplap walls and a fan. Upstairs you'll find three bedrooms plus a hall bath. The primary bedroom sits in the front of the home and features two windows, a ceiling fan, and a large closet. The middle hall bedroom also features a ceiling fan, and a window. The rear bedroom is the perfect home office space with two windows which allow natural light to shine through. The shared hall bathroom features a tub/shower combo with floor to ceiling tiles and a vanity with under-sink storage. The basement has been partially finished and houses the mechanicals, the washer/dryer, and is great for extra storage. Recent updates include a new boiler in 2025, new kitchen countertops and backsplash, new entryway tile, updated powder room, a new storm door, and more! Located in an unbelievable location, you are within steps of everything this great neighborhood has to offer. Enjoy being around the corner from neighborhood favorites including Barcelona Wine Bar, Stogie Joes, Stargazy, Cantina Los Caballitos, Sao, Rival Bros Coffee and much much more. Just a short walk to the ACME supermarket and easy access to public transit with multiple bus line and Tasker/Morris stop for the Broad Street Line. *Sellers have an FHA loan at 3.25% which is assumable, meaning a buyer can take over the loan terms for qualified buyers.*
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.
