Welcome to 509 Philadelphia Avenue, a fully renovated and expanded colonial home, distinguished by its exceptional layout and elevated design, seamlessly blending original character with contemporary comfort. The home showcases distinctive details throughout, including gorgeous hardwood floors, extensive wainscoting, recessed lighting, and finely crafted wood trim. A classic covered front porch with low-maintenance composite decking welcomes you inside to captivating living spaces. The gracious living room features a wood-burning fireplace with a mantel and crown molding, flowing effortlessly into the open kitchen. The thoughtfully planned chef’s kitchen includes granite counters, handsome cabinetry with soft-close drawers, an island with breakfast bar and pendant lighting, new ceramic tile backsplash, GE Profile gas range with built-in griddle, upgraded appliances, and a pantry. A few steps up, the large dining room is accented with French doors and shadow box molding. Toward the rear of the home, a rare main level family room, generously proportioned and filled with natural light, provides direct access to the rear deck and is complemented by a conveniently located powder room. The main level also features a well-appointed primary suite with wood flooring, striking windows, a double-door wall closet, and a sleek en-suite bath. Upstairs, the second level provides three bedrooms and two full baths, each finished with wood flooring and overhead lighting. The largest bedroom includes a private attached bath. The fully renovated lower level delivers exceptional flexibility, featuring a sizeable playroom with tile flooring, recessed lighting, and a wet bar; a recreation room with built-ins; a private fifth bedroom; a full bath; a laundry room; and direct access to the garage. This level could function as an in-law suite and may offer rental potential. The home also includes both an interior staircase and a separate enclosed rear staircase connecting the main and lower levels, offering additional access and useful storage space. Outside, enjoy the inviting front porch, a low-maintenance composite rear deck, and a fenced, level backyard with a shed. The property also features a garage, a private driveway, and sidewalks. Just steps to K–8 schools and the renovated Silver Spring Intermediate Park with sport courts and playgrounds, and under one mile to both the Takoma and Silver Spring Metro stations, this home offers the best of eclectic Takoma Park. Situated near a Red Line Metro stop and the farmers market, the location provides a strong sense of community along with convenient access to shopping, dining, and entertainment in both Takoma Park and vibrant downtown Silver Spring.
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.
