Well-maintained and move-in ready detached home located in the quiet Penn Pines neighborhood with three bedrooms, 1.5-bathroom with one bedroom on first floor, two car driveway and two sheds with electric connection! Enter through the enclosed front porch featuring newly installed oak hardwood flooring, a ceiling fan, wall-mounted gas heater, beautiful panoramic views with natural sun light, and beautiful stone walls. The current owner uses part of this versatile space as a home office and tropical fish tank area. The spacious living room features wood ceiling beams, a wood- or coal-burning fireplace equipped with a blower, stainless-steel liner, and real brick surround. The first-floor bedroom, complete with a closet, is located at the quiet rear of the home and offers natural light from the backyard. The first-floor bathroom shares space with a large storage area and utility access. The updated eat-in kitchen offers abundant cabinet and counter space, granite countertops, tile flooring, a newer three-door stainless steel refrigerator, gas stove, on the counter dishwasher, and exterior access to the fenced backyard. A large dining area easily accommodates a full dining set. A garden window brings in natural light from the front yard and provides the perfect space for displaying plants, herbs and flowers. The washer and dryer are conveniently located in the corner of the kitchen. The two newly installed crystal chandeliers bring more light to the kitchen and dining area. The second-floor features two nicely sized bedrooms, each with ceiling fans. The main bedroom holds a king size bed easily with one two door closet and second closet. The middle bedroom is equipped with a full-size bed which can also fit into a queen size bed with a closet. A full bathroom with shower sits in the hallway with windows facing the backyard. A ceiling fan is also installed in the hallway. The owner has stained the living room ceiling beams and the paneled wall in the second-floor primary bedroom, adding warmth and character. Additional upgrades include a newly installed privacy vinyl fence completed by a professional contractor, plus solar lights and night lighting around the backyard, fence and front sidewalk. The first floor, hallway stairs, and entire second floor have been freshly painted. Major systems have been well maintained, with the HVAC system installed in 2013 and the hot water heater installed in 2012. The backyard includes two sheds with electric connection. Conveniently located close to major highways, shopping centers and not far to center city Philadelphia and downtown. Seller is open for seller assist if needed with accepted offer. Inspection contingency and due diligence period have to be within 7 days. Earnest deposit has to be either wired or bank certified check. No personal check is accepted.
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.
