Located in the University Heights neighborhood of Riverside, this distinguished mid-century residence provides privacy, generous living space, and impressive views. A lengthy, secluded driveway leads to a meticulously maintained single-story home, thoughtfully designed for both comfort and elegance. The front patio offers panoramic vistas of the surrounding area, the city of Riverside, and Mount Baldy. Entry through a custom hardwood door opens into a spacious great room featuring an open beam ceilings and wood flooring. The heart of the home features a floor-to-ceiling brick fireplace, creating a warm and inviting focal point in the living area. Large windows frame the fireplace, enhancing the serene, mid-century atmosphere. Expansive front windows allow abundant natural light and showcase exterior views. The adjoining formal dining area is seamlessly integrated with the recently updated kitchen, which includes ample cabinetry, extensive counter space, and modern stainless-steel appliances. The family room addition features overhead inset lighting, a built-in buffet, and a convenient pass-through window—ideal for casual meals or morning coffee. The property’s three bedrooms are all spacious and bright with energy-efficient ceiling fans in each one. A separate indoor laundry room enhances functionality. The nearly half-acre grounds are landscaped with desert-inspired elements, offering a scenic garden path along the hillside. The backyard includes a pool and spa, with cross-fencing for security and a shaded canopy to create a serene retreat. An artificial grass play area serves as an excellent space for children or pets. The detached three-car garage with workshop provides additional storage and workspace, complemented by a large carport for shaded parking. The property also benefits from an energy-efficient leased solar system. Blending classic mid-century architecture with contemporary amenities, this home offers an exceptional living environment. Its proximity to shopping, UCR, transportation, and other conveniences further enhances its appeal.
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.
