Welcome to the Corner Penthouse Unit #806 in the Abbott Square Condominium community in Society Hill! Located in Head House Plaza, this stunning updated 2-bedroom, 2-bathroom condo boasts over 1,300 square feet of beautifully designed living space. This home features gorgeous hardwood flooring throughout and breathtaking, panoramic views of the Philadelphia city skyline and the Benjamin Franklin Bridge from every window and your private rooftop terrace. Step inside to an expansive living room anchored by a cozy wood-burning fireplace, perfect for relaxing or entertaining. The expanded kitchen is an absolute delight, featuring a built-in wine fridge, under cabinet lighting, and plenty of space for your culinary adventures. Just upstairs, you'll find a versatile upper-level space that is perfectly suited for a small home office or a chic bar area. Both the primary and guest bedrooms are generously sized at over 20 feet long and include large walk-in closets. The primary suite is a true retreat, complete with a luxurious en-suite bathroom featuring a sprawling 72" double vanity. Ample closet space throughout the home ensures storage will never be an issue. This home is in a truly unbeatable location. Imagine walking out your front door every Sunday to the vibrant Head House Farmer's Market. You are just steps away from some of the city's best restaurants, boutique shops, bars, parks, markets, and cafes. Enjoy unparalleled walkability to the Delaware waterfront, Penn's Landing, Old City, Queen Village, Washington Square, Spruce Street Harbor Park, and South Street. For commuters, you'll love the quick and easy access to I-95 and Route 76. Abbott Square provides a luxury lifestyle with a 24/7 doorman, concierge and dedicated maintenance services, a fully equipped fitness center, a community room, and convenient bike storage. Ample street parking is available, and on-site garage parking can be easily arranged for an additional fee. This is a rare opportunity as units like this don't often come to market in this community, so don't miss your chance to own a piece of Historic Society Hill with all the modern amenities and space you need. Schedule your tour today!
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.
