Buyer’s mortgage failed. Have you ever dreamt of owning the home that everyone else talks about and wants to spend time at? If you have, this may be your opportunity to make that dream come true! This home stands out, possibly more than any other home in Mayfair! If you loves to host family/friend get togethers, or would just love the thought of sipping your favorite drink and having dinner on your patio, while watching your favorite team outside on a beautiful evening, this could be a great fit for you! If you are having a hard time finding space for a personal gym, a sauna, an entertainment room, or some other type of versatile space, this could be a great fit for you! Welcome to this Corner home in desirable West Mayfair, just a short walk to Pennypack Park, Schools, Public Transportation, the Frankford Avenue shopping district, and a short drive to Route 1, I95, and practically anywhere you want to go! What really sets this NE Philly Oasis apart from the rest of the homes you can choose from, are the exterior features that offer you so many options. There are two detached garages, the aforementioned versatile outbuilding which has it's own 220amp electric service, the front cement patio, with the outdoor Kitchen. The shade tree and white picket fenced side yard, perfect for your seasonal & holiday décor. When you're ready to go inside, you can enter the main front Living room entrance, where you'll appreciate the neutral gray colors of the walls and wood flooring, the crown molding, and the openness of the Dining room & full Kitchen, complete with abundant counter-top space, cabinetry, built-in stainless steel microwave, dishwasher, wine-chiller, three door refrigerator, double steel sink, and a gas range/oven. The upper level accommodates with a spacious Owner's Bedroom with ceiling fan and mirrored sliding door closet, a 3pc hallway Bathroom with skylight and tub/shower combo, and two more complimentary Bedrooms, each with a ceiling fan. Oh, and let's not forget the Anderson, double pane with high UV rating, windows (2023). You can also enter from the ground level sidewalk, through the finished ground level, which is an entire living space of it's own, offering an open floor plan, wood flooring, bar style seating, recessed lighting, a possible 4th Bedroom or entertainment room, fire place, mirrored Laundry closets, tankless hot water, and a well appointed full Bathroom with glass door shower stall! This home has so much to offer, including Central Air & Heat, so be sure to take a minute to view the video tour, and then schedule your in-person showing appointment, 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.
