Classic Mount Penn Brick Semi with Finished Walkout Lower Level The curb appeal of this spacious, semi-detached home in Mount Penn boasts a brick exterior, vaulted roofline, and covered front porch finished with a wood ceiling, setting an inviting tone before you even step inside. From the moment you enter, the home welcomes you warmly with wood floors, crown molding, chair rail detail, and a decorative fireplace with wood mantel in the living room, while replacement windows throughout offer lots of natural light and everyday practicality. The dining room upholds the same character with wood flooring and a ceiling fan, creating a comfortable space for weeknight dinners and special gatherings. Designed to make meal prep easy, the kitchen enjoys electric cooking, wood walls and double windows, and a lovely butler’s pantry with built-in cabinetry and pull-out shelves, giving you a combination of workspace and storage. Continue through to the sun-soaked den, which is perfect for calm mornings or lazy afternoons, thanks to its vaulted wood ceiling, oversized windows, light carpeting, and access to the rear deck. Upstairs, you’ll find three bedrooms, all with wood floors and large windows, including a main bedroom with chair rail detail, a second bedroom with the same classic style, and a third bedroom with crown molding and a ceiling fan, along with a full bath featuring a cast iron tub and shower. Also on this level is a feature you rarely see in a home like this: convenient second-floor laundry, complete with a vaulted wood ceiling, multiple windows, and a wash sink. The third floor reveals a fourth bedroom with a cathedral ceiling, two skylights, and additional storage via closet space with shelving, making it a natural fit for a bedroom, guest retreat, or office. The finished walkout lower level adds another flex room with endless possibilities, featuring a carpeted living space with crown molding, a small office/hobby room with double glass door entry, a kitchenette with tile flooring, refrigerator, and electric range, and a tiled powder room. Step outside onto the covered back deck with vaulted wood ceiling and steps down to the yard. A paver walkway leads back toward the shed, lined with stone retaining walls, garden beds, and even an outdoor sink, making it easy to enjoy your yard throughout any season.
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.
