Rare opportunity to own a first floor corner 2 bedroom, 2 full bathroom with an ample fenced yard and covered front yard condo in Aliso Creek Villas. The community has beautiful tree lined streets, walking paths, meandering green belts, community pool, playground and HOA covers water and trash. As you enter the home you will notice the newer modern laminate wood flooring throughout and open concept living area. The newer remodeled kitchen offers white cabinetry, quartz countertops, plenty of storage space, stainless steel dishwasher, built in microwave, natural light and a separate dining area. Home offers a wall mounted A/C unit in the dining/kitchen area. The master bedroom offers large closets, window blinds, ceiling fan and it's own private ensuite bathroom. The secondary bedroom has large closets, new blinds and access to the hallway full bathroom. Both have tub and shower combinations. Washer/Dryer hookups are available in a secured Laundry Closet conveniently located on front porch. The large fenced backyard patio is ready for your summer BBQ's, your pets and for relaxing. This home comes with One (1) assigned carport and a parking pass is available for purchase through the HOA. This home is in walking distance to several local stores, restaurants, parks, trails and top rated Saddleback Unified School District schools. Conveniently located near the 5 and 405 Freeways, Laguna Canyon via El Toro and the 241 Toll Road. This one won't last!
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.
