Coastal Modern Private Sanctuary 1.24-Acre Leucadia Estate with Ocean Views! Recently appraised at $2,200,000. This single-story retreat seamlessly bridges timeless architectural integrity with sophisticated contemporary luxury. From the completely rebuilt bedroom wing to the sun-drenched floor plan, the design prioritizes flow, light, and stunning ocean and hillside views. A gas fireplace anchors the living room with a large slider picture window capturing the amazing view. From the living room, the floor plan flows easily into the dining area and a sleek galley kitchen. There are quartz countertops, stainless steel appliances, custom cabinetry, and refined designer hardware. The captivating primary suite is a peaceful retreat framed by panoramic views, remote-controlled shades, spa-inspired en-suite bathroom, and oversized dressing room featuring its own washer and dryer. All interior doors are upgraded Trustile solid-core doors. Two of the bedrooms have private entrances ideal for guests, or rental potential. Additional features include a 2020 four-zone Lennox Elite HVAC, two laundry areas, step-free interior layout, with luxury vinyl plank flooring. Two car garage with additional parking for several vehicles including discreet space for RV or boat. Enjoy the fully landscaped grounds with surrounding hardscape and the privacy of the roof top deck. With no HOA, CC&Rs or Mello-Roos, this exceptional home delivers privacy, style, and relaxed sophistication.
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.
