Wood shingled Craftsman Bungalow located on a corner lot in the historic district of Rose Park South. This bungalow is a few blocks to Retro Row restaurants and, and a 10 minute walk to the beach. A large fenced front yard with grass and citrus trees welcome you as you walk up to the house. Fun fact: several cacti and succulents came from Leonardo DiCaprio’s property! There is a large front porch with the original oak front door to the living room, and French doors to the dining room. The open living room and dining room feature natural wood paneling on the walls and ceilings. There is a wood burning fireplace, custom Roman blinds, and ceiling fans. The dining room features the original buffet cabinetry, and a custom swinging door with stained glass to the hallway. There is an abundance of natural light from the original wood framed windows. The kitchen has vintage wood cabinetry, and tile countertops. There is an abundance of storage space in the kitchen. The laundry room is adjacent. There is a screened back porch as well. There are 2 bedrooms total, with a larger closet in the hall between them. The first bedroom has a door to the living room. The 2nd bedroom features a custom desk area, closet cabinetry and a bookcase, along with a door to the backyard. There is a 3/4 bathroom with custom stained glass windows, tiled shower and a custom vanity. The house also has a split HVAC system and ceiling fans. *There is an ADT Alarm System, Ring doorbell, and cameras.* The bedrooms and living room have updated electrical outlets and Romex wiring. The hallway also has a pull-down attic ladder for additional attic storage access. The low-maintenance backyard has raised planters, a wooden bar, a concrete patio, and a storage shed. There is a large 1 car garage that was rebuilt with plenty of storage, and a small driveway in front of it.
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.
