Nestled in the beautiful Magalia Pines is this One Owner Custom Built Home that is ready for a new owner. The owner had the plans drawn and completed the custom home in 2005. Wonderful curb appeal and a circle driveway welcomes you and your guests to the home. The home has an oversized 525 square foot 2-car garage. The composite front deck leads to a 9-foot covered front porch measuring 10X10 and accented with a knotty pine tongue and groove ceiling. The custom wood front door has a glass inlay. Upon entry you notice the open floor plan and the amazing 12-foot vaulted wood beam knotty pine ceiling and 9ft. ceilings throughout. The spacious living room has a custom gas fireplace with tile surround and beautiful wood mantle finishes the space. The large slider and windows open the views of the forest and the ever-changing forest views. The over 200 square foot deck is a fantastic place to entertain. The spacious kitchen has a 10-foot breakfast bar, travertine tiles counters, free standing propane oven/range, dishwasher, built in microwave, garden window and upgraded pull out drawers in the cabinets all overlooking the living room and dining room. Off the kitchen is a large laundry room with utility sink and large built in storage cabinets. Down the over 4-foot-wide hallway are two large built-in cabinets and the bedrooms and baths. The fantastic primary bedroom has great views of the forest through an 8-foot-wide picture window, and the primary bath offers 2 sink vanity with travertine tile counters, fully tiled shower with sliding glass doors and a huge walk-in closet. The guest bath offers a tub/shower combination with tiled walls, sliding glass doors and a tiled vanity with tile backsplash. Fully fenced side and backyard. Definitely enough room to develop boat, R.V. or trailer parking. The exterior of the home has cement style lap siding. The home is very warm and inviting and is ready for a new owner.
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.
