House for Sale in Lake Mathews, CA - Horse Property & Contractor's Dream Near Corona and Riverside Enjoy peaceful mountainous country living in desirable Lake Mathews Estates, just minutes from Corona, Riverside, and Moreno Valley. This well-maintained ranch-style home sits in a quiet setting with no neighbors directly on the north side, offering privacy, hilly space, and endless possibilities. Perfect for horse owners, contractors, or anyone needing extra room park vehicles, trailers, equipment, or recreational toys on the two hilly roads in the property. The property features chain-link fencing with side access gates, plus a separate fully fenced area ideal for horses or animals, that don’t need a flat surface and hilly terrain is fine. The inviting family room features vaulted wood-beam ceilings, a large brick fireplace, and rustic wood accents that add warmth and character. Sliding patio doors open to a covered backyard patio with scenic views. Recent improvements include: Central AC replaced in 2022 Heater replaced in 2023 Interior and exterior paint completed in Spring 2024 Primary bathroom shower updated with modern stone tile in 2024 Inside, the home offers a spacious and functional layout with large windows that bring in natural light. The sunken living room flows into the dining area and open kitchen, creating a comfortable space for everyday living and entertaining. The kitchen has been tastefully updated with: Quartz countertops (2023) Stainless steel double sink Plenty of cabinet and counter space Room for a center island Breakfast bar overlooking the family room A recent home inspection has already been completed to add peace of mind for buyers of an older home. The spacious primary suite includes a walk-in closet, dual sinks, extra cabinet storage, and enough space for a sitting area. One secondary bedroom has its own dedicated breaker, ideal for a home office or heavier electrical use. Additional features include: Two additional roomy bedrooms Hallway storage and built-in cabinetry Secondary bathroom with shower/tub combo Oversized 3-door garage with extra storage/workspace areas Washer and dryer hookups in garage. If you're looking for privacy and the flexibility of country living while still being close to the city, this Lake Mathews property is a must-see.
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.
