This wonderful home is nestled in a fantastic Lake Balboa neighborhood, and as soon as you lay your eyes on it you’ll immediately recognize the owner’s true “Pride-Of-Ownership.” Here are just a few of its many other fine features: Its lush landscaping, mature shade tree, and extensive brick masonry enhance its eye-catching curb appeal. Its custom front door with lead glass insert opens to a flowing 1,831 square foot floor plan that is in “Move-In-Condition” with hardwood and tile flooring. The spacious living room is bathed in natural light from a huge picture window and has elegant crown molding, and gas-burning brick fireplace. The family’s cook will appreciate the kitchen’s recessed lighting, abundant cabinets, ample granite counters with full back-splash, commercial grade gas cook-top with ventilation hood, dual oven, built-in stainless steel appliances, breakfast bar, and the convenience of the large adjoining dining area. Since the gigantic combination family/sunroom with its serving pass through, ceiling fan, gas-burning fireplace, and direct patio access flows seamlessly with the kitchen you’ll find it very easy to serve and entertain your guest simultaneously. 2 spacious bedrooms; The grand suite has a sitting area, roomy closet surrounded by built-in cabinets, and a private bathroom. The den can possibly serve as a 3rd bedroom. A total of 2½ bathrooms. Functionally located laundry room with abundant storage, folding counter, and direct backyard access. The solar panels will help keep your utility bills low. Central heat & air for year-round comfort. You’re going to enjoy the large backyard’s privacy landscaping, covered entertainer’s patio, and the huge open patio that’s perfect for barbecuing. Plenty of secure off street parking on the oversized concrete driveway and in the 2 car direct access garage. All of this sits on a large 10,907 square foot lot that is close to restaurants, shopping, grocery stores, Costco, the 405 freeway, and Lake Balboa Park with its boating lake, golf course, off leash dog park, and comprehensive sport facilities and activities. Call now for all the details and I’ll gladly arrange a private tour.
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.
