Phenomenal opportunity to own a corner lot with beautiful curb appeal tucked in a highly sought after community of North Orange County! Besides remodeled bathrooms, interior mudding/drywall updates & popcorn ceiling removal, electrical fixture upgrades, and a covered patio area, this home offers A NEW ROOF installed about 6 years ago and COPPER PLUMBING throughout the whole home. Walking inside brings an airy and warm feeling with the spacious living area and cozy fireplace open to the dining area with large sliding door bringing in more natural light. The kitchen has so much cabinet storage and a newer dishwasher along with a picturesque window over the sink and even a breakfast bar looking through to the living space with more storage underneath. There's character, comfort and functionality with a great layout. Down the hall you have three guest bedrooms with their own subtle accents and there's ceiling fans in every bedroom and living space. These bedrooms share a completely remodeled bathroom in 2022 with a newer vanity, shelving, fixtures, tile surround in the shower and modern accents. The primary bedroom is a comfortable sanctuary with a sliding barn-door for privacy before entering the spa-like en-suite bathroom. With a newer vanity and light/bright tile accents in the shower and upgraded fixtures all recently completed in 2024, you'll feel comfort in this primary wing of the home. The garage offers a laundry nook and there's additional storage for pantry items on both the left and right of the garage entry door and even a built-in workbench and additional cabinets at the back of the garage to maximize storage needs. This backyard offers so much for entertaining, relaxing, parking on the long side-yard driveway or sidewalks around the corner lot. Green grass with an updated sprinkler system, covered patio, multiple areas to BBQ or put a firepit or lounge chairs, a playground, outside gym, the possibilities are endless with this lot!
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.
