Attention Home Buyers & Investors! This beautiful home is located in a cute, well-kept Riverside neighborhood and in need of a little TLC. This home has been priced below market comps due to the condition of the Roof, which needs to be replaced, and some dry rot damage on several fascia boards, shiplap and the patio cover. This property qualifies for the FHA 203K rehab loan where FHA Buyers can roll in the cost of a new Roof and fixing of the Dryrot damage into their loan. Included in the supplement section of the MLS is a copy of the Roof Inspection, Roofing Estimate, Termite/Dryrot Report and Estimate. This is a great opportunity to pick up a home below market value and make it your own! This home has great curb appeal with a stylish gray exterior, black trim, mature landscaping, fruit trees and a manicured front yard. Inside, you’ll find a warm and inviting living room with a fireplace, perfect for cozy winter evenings at home. The interior offers luxury vinyl plank flooring, fresh interior paint, and a nicely updated kitchen completed approximately seven years ago with new cabinetry and a functional layout, ideal for daily living and entertaining. The Master Bedroom includes mirrored his-and-hers closet organizers along with a sliding glass door leading directly to the backyard. Bedroom #4 features double entry doors and a closet organizer, this room can be used as a bedroom, home office, or playroom. The Backyard was designed for both relaxing and entertaining and features a large a concrete patio with wood patio cover, retaining wall, trampoline, play equipment, and a variety of mature fruit trees and plants including grapefruit, peach, guava, and lemon—perfect for enjoying fresh home-grown produce. Important recent improvements include new windows, a new water heater, and the home was professionally tented for Termites in 2022. The exterior was painted approximately three years ago and the interior has been refreshed with new paint for a clean, move-in-ready feel. This fantastic opportunity to enjoy comfort, space, and functionality in a desirable Riverside location near schools, shopping, dining, and commuting access.
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.
