This charming single-story 3-bedroom, 2-bath home (+2 more structures in the backyard) offers something that's becoming harder and harder to find...space. Space for horses, RVs, off-road toys, trailers, workshops, gardens, or simply the freedom to enjoy your land your way. Here, privacy replaces crowded neighborhoods, and quiet country living becomes your everyday reality. You can wake up to spectacular sunrises over the mountains and sleep among the canopy of stars that's difficult to experience anywhere else in Southern California. Enjoy the mountain views, and over 2.27 acres of usable land create the perfect backdrop for the lifestyle you've been dreaming about. You can easily park your RV along with any other toys such as ATVs, Jet Skis etc. Horse enthusiasts will appreciate the property's equestrian potential. You can go horseback riding on nearby trails, hiking scenic mountain paths, exploring the Pacific Crest Trail, fishing or boating at Silverwood Lake, or heading out for world-class off-road adventures at El Mirage and Johnson Valley. Location wise, you can enjoy access to regional highways connecting to the Victor Valley, Wrightwood, and employment centers throughout the Inland Empire and beyond. Nearby schools, local shopping, restaurants, and everyday conveniences provide everything you need while preserving the relaxed country atmosphere that makes Phelan so desirable. Come experience this beautiful home and discover why so many people are trading density city life for space, privacy, and most importantly, peace.
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.
