2 incredible homes equal huge opportunity on a large sloping 1/2 acre lot, plus finished 3-car conditioned garage/ workshop . The original home is a single-level ranch home high on slope with 3bd /2ba (2269sf) and large backyard . The newer 2019 home is nearly 1000sf above a fully finished 3 car garage permitted as 2bd/1ba . The large garage has been fully finished with drywall, lighting, and AC and is ideal space for home business or additional unit . Barn storage unit conveys to buyer and provides additional storage. Surrounded by mature trees and mountain vistas, this property is ideal for a multi-generational family to share and still have plenty of privacy and space, or for owner to live in one home and rent the unit. Parking for 10+ cars! Upgrades include paid solar(!), hardwood floors, new windows throughout, beautiful new kitchen, immaculate new landscaping, separate dining room, a formal living room, and huge family room with a 25' stone fireplace! Each home has own driveway with separate parking areas for 3-5 cars and privacy. New owner could possibly convert some of the garage space to a Jr. ADU for a total of 3 living spaces. The front home offers a covered patio at the back with an open lawn area and plumbed fire-pit before rising to a hillside and additional flat usable space at rear of lot, with mature landscaping. Newly fenced backyard is accessible with stairs at top of lot. SCHOOLS: Steele Canyon High or Valhalla High is just 4 blocks away, are both in the highly rated Grossmont School District. Rancho San Diego Elementary and Hillsdale Middle School are also or a short walk or bike ride nearby. NOTES: The new ADU above garage is currently 972sf 1bd/ 1ba home with a full kitchen, separate dining area, and vinyl flooring throughout. 2nd bedroom is easily created with a single 12' non-load bearing wall in what is currently open office space (see plans). Contractor quote to add wall is available. SOLAR: The new home above garage includes owned solar panels installed in 2019 and larger home also has leased solar panels ($145/mo). Buyer must qualify to take over Sun Run lease. A new 200A electrical panel and separate sub-panel serves both homes off of a single meter.
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.
