No money down with USDA financing on this country beauty may be possible!!! FHA and VA also OK!!! Need lending help? We have resources! Check out your next home which calls for a ton of country porch sittin, playing and creating your dreams in the fully fenced yard, collecting eggs from your chickens, enjoying the seasonal stream that runs alongside the home.....There is so much to be thankful for here at 1524 Potrero Circle in the beautiful and peaceful valley of Potrero!!! From your neighborhood horses and cows welcoming you home on Potrero Valley Rd, to a short very well maintained dirt road, you are pulling up to country livin at it's finest!!! Enter the cozy porch and walk into spacious living room and kitchen as well as a dining room and laundry is also inside! The kitchen has awesome cement counters, stainless steel appliances and a farmhouse sink as well as a garden window to grow your herbs and spices! The primary bedroom is huge at easily 14' x 17' with a large walk in closet and room to stretch, have a craft area, home office or sewing area! You dream it up and make the space your own!!! The second bedroom also great size and spacious, barn doors on a large closet! The bathroom has a tub/shower, storage space inside the bathroom as well as in the hallway. The well house has a water storage tank and a well with great water production and potability! The carport provides shade and the shed conveys and is great storage! Septic, well, plumbing and electrical updated in 2020. The well house also has ability to connect a car charger for those overnight recharges!!! Are you ready to start your next chapter in the country? You are still within 45 minutes to an hour of the beach, downtown, 32nd St and Coronado bases and will be able to go home and escape from the busy life and enjoy porch sittin and country livin!!!
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.
