Welcome home to this beautifully upgraded 3-bedroom, 1-bath row home in the heart of Port Richmond—where modern updates meet classic charm. The sellers have thoughtfully completed the major improvements, allowing you to move right in with confidence and ease. There are two custom made iron artwork for living room door and window. Step into an inviting living room that flows seamlessly into a separate dining room, both enhanced by a brand-new ceiling fan and beautifully resurfaced hardwood floors throughout. The newly remodeled galley kitchen is designed to impress, featuring gas cooking, a built-in microwave and dishwasher, elegant granite countertops & a food pass through to your dining room to make meals easier—perfect for both everyday living and entertaining. The lower level offers added functionality with a laundry area, sump pump, and ample storage space. Upstairs, you’ll find a tastefully remodeled bathroom along with three comfortable bedrooms. The primary bedroom is filled with natural light and includes a ceiling fan and closet, while the additional bedrooms also feature new flooring and ceiling fans for added comfort. Additional highlights include a two-way, double-sided parking street, a new roof (2024), hot water heater (2022), and central air (2016), providing peace of mind. There is also a built in alarm system that a buyer can do a new contract with Sloman Shield if buyer wants to. First-time buyers may also qualify for up to $10,000 in assistance through the City of Philadelphia, making this an exceptional opportunity you won’t want to miss. The metal gates were sculpted by the Kensington metal sculptor Robert (Bob) Phillips
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.
