Welcome to this beautiful 1943 sq ft home, designed and built by Burton. Ideally located in the highly sought-after California Park neighborhood. Offering 3 bedrooms, 2 bathrooms, plus a versatile front bonus room. This home features main level living with a well-thought-out floor plan and flexible living options to suit a variety of lifestyles. Vaulted ceilings create an open, airy feel throughout the main living spaces. The living room enjoys lovely views of the backyard and pool, with a glass door with side lights leading outside for seamless indoor-outdoor living. The spacious primary suite includes a large walk-in closet, dual sinks, and its own door with direct access to the backyard—offering both privacy and convenience. The front bonus room provides flexible use as a home office, den, workout space, or guest-use area. Outdoor living is thoughtfully designed with two distinct spaces. The backyard features a private swimming pool and hot tub, along with a covered patio equipped with misters—ideal for entertaining and enjoying Chico’s warm summers. At the front of the home, a wood deck offers a peaceful place to relax while taking in the park-like setting and west-facing sunset views. Low-maintenance landscaping allows for easy care and more time to enjoy the home. Additional highlights include a three-car garage and an excellent location diagonally across from one of California Park’s lake access points, with HOA privileges to the 8 acres of scenic lake, walking paths and play areas. Located just minutes from Canyon Oaks Golf Course within a golf-cart-friendly neighborhood, this home offers the true California Park lifestyle. A rare opportunity to enjoy space, flexibility, and an exceptional location in one of Chico’s most desirable neighborhoods.
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.
