This property qualifies for CRA financing with 3% down, no PMI, and an interest rate lower than FHA. HWA home warranty will be included in the sale of the property. Exceptional investment opportunity in the Walnut Hill neighborhood! This fully renovated four-unit multifamily property, reconstructed in 2021, features four spacious residential units, each offering 2 bedrooms and 1 full bathroom. Ideal for owner-occupants looking to offset their mortgage with rental income or investors seeking a turnkey addition to their portfolio. Designed with modern style and low-maintenance living in mind, each unit showcases hardwood flooring, recessed lighting, granite countertops, white cabinetry, and a full suite of stainless steel appliances, including a refrigerator, range, microwave, and dishwasher. Every unit is individually metered and equipped with its own heater, hot water heater, central air conditioning, and in-unit laundry hookups, providing added convenience and privacy. The first-floor unit offers direct access to the enclosed rear yard, while secure building access is enhanced by a Bluetooth intercom system and electronic door entry. Major building systems, including plumbing, electrical, heating, and central air, were all newly installed during the 2021 reconstruction. A 10-year Tax Abatement has been applied for with the City of Philadelphia. Buyer is responsible for verifying zoning and intended use. Key Bank is offering a 5K credit for this property which can be tied in with the Philly First 10K grant. The 5K credit can be applied toward closing costs or to prepay mortgage, flood/hazard insurance, escrow deposit, real estate taxes, or per diem interest. Conveniently located near shopping, dining, public transportation, and nearby parks including Black Oak Park, Chicken Park, and Cedar Park, this is a rare opportunity to own a modern, income-producing property in a growing neighborhood. Schedule your showing 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.
