Located in the desirable community of Oak Park, this 5-bedroom, 3-bathroom home offers 2,561 square feet of living space on an 8,571 square foot corner lot--an opportunity to get into a great neighborhood with strong long-term value.As you enter, you'll notice the high ceilings and natural light coming through the skylights, giving the space an open and airy feel. The entry leads into a step-down living room that connects to the formal dining area, creating a layout that works well for both everyday living and hosting.The kitchen features freshly painted cabinets, generous counter space, and plenty of storage, along with a peninsula that's ideal for casual meals or a functional workspace. Just off the kitchen is a casual dining area that opens to the family room, making it easy to stay connected throughout the main living spaces.A full bedroom and bathroom are located downstairs, offering flexibility for guests, a home office, or extended family. The downstairs has also been freshly painted, adding a clean and updated feel.Upstairs, the primary suite includes a spacious bedroom, ensuite bathroom, and walk-in closet. Three additional bedrooms are located upstairs and are complemented by a full hall bathroom.The backyard includes a covered patio, pool, and usable space to enjoy the outdoors and Southern California weather.Located within the Oak Park school district, known for its highly rated schools, and close to local parks, trails, and community amenities, this home offers a solid foundation in a well-regarded area, with room to make it your own over time.
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.
