Welcome to 176 Novel, a rare two-story corner-lot home located in the highly desirable Novel Park at the Great Park Neighborhoods. Built in 2020 and thoughtfully upgraded, this residence offers an oversized open-concept floor plan with 2 spacious bedrooms and 2.5 bathrooms, delivering an exceptional blend of modern design and everyday comfort. At 1,845 square feet, this home is incredibly large for a two-bedroom plan, offering more space than most comparable condos in the area. The open layout is ideal for both entertaining and daily living, featuring a seamless flow between the kitchen, dining, and living areas with abundant natural light. The large open kitchen features an oversized island and thoughtful upgrades including newer stainless-steel appliances, quartz countertops, and a timeless subway tile backsplash, offering a modern yet inviting space ideal for gathering and entertaining. Upstairs, the home offers a well-designed and private living experience. The spacious primary suite serves as a relaxing retreat, featuring a generous layout, a well-appointed en-suite bathroom, and ample closet space. The second bedroom is also thoughtfully sized and includes its own en-suite bathroom and walk-in closet, making it ideal for guests, family members, or a home office setup. The unit includes two one-car garages( one attached and one detached with a driveway ), providing a total of three dedicated parking spaces. Located within the thoughtfully planned Great Park Neighborhoods, residents enjoy access to beautifully maintained community amenities including parks, walking trails, playgrounds, and recreational areas. The home is conveniently situated near Woodbury Town Center, Irvine Spectrum Center, and a wide array of shopping, dining, and entertainment options, offering both lifestyle convenience and everyday practicality. The property is part of the award-winning Irvine Unified School District, consistently recognized for its academic excellence. With a prime corner-lot location, modern upgrades, and proximity to everything Irvine has to offer, 176 Novel presents a rare opportunity to own a spacious and contemporary home in one of Orange County’s most sought-after communities.
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.
