Phenomenal 1915**, Craftsman estate on 16± acres with entry via your private bridge over a creek. So much to list: solar panel power, a vineyard, privacy, character, and various forms of income potential with agricultural zoning, ADU options, and two parcels. The home is stunning with 6 bedrooms, 3.5 baths, and an amazing office. A charming screened porch welcomes you as you enter through the front door, while a private patio out back is perfect for entertaining. It may qualify for Mills Act status, but Seller cannot guarantee. No historic reports available. The hardwood floors and remarkable Craftsman details make this quality home shine. The front door opens to a massive fireplace and inviting great room. The chef’s kitchen features high end appliances with double ovens, Wolf gas cooking, a Viking warming drawer, ice machine, and oversized pantry. Two bedrooms with a full bath on the first level offers multigenerational living, or other varied and flexible options. Two APNs total the 16 acres with about 2 acres of gorgeous landscaping and an acre of mostly cabernet sauvignon vines that typically produce two to six barrels of wine each year. Enjoy multiple fruit trees, including 4 pomegranate bushes, 5 olive trees, 5 walnut trees, 2 orange trees, 1 grapefruit, 2 pluot trees and 1 lemon tree with irrigation and room for a lot more. There is a cozy firepit, great spots to camp, two shooting ranges, trails, paths, Zen garden, pond and wildlife galore. Wander your own property on bikes, a four-wheeler, or other fun outdoor toys. Maybe open your own winery/vineyard, or agricultural food stand. There are many options as it is zoned Agricultural A72 with an “O” designator; the property may offer options for additional ADUs or another home on the second parcel—buyer to verify all possibilities with the County of San Diego. Other helpful info: two wells, 45,000 gallon tank for irrigation water; 30,000 gallon holding tank for house water; two fire main hoses from the irrigation tank; garage has a pit for working on vehicles. Outbuilding for livestock management. Electrical and water at the pasture site where a barn previously existed (gravel area on second lot). Farm and vineyard equipment available and negotiable. Water softener. Automatic generator connected to propane. Propane tank. ***Records show 1950 construction, but that is due to lost records. Working on finding more accurate information for 1915 construction.
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.
