MASSIVE PRICE REDUCTION! Welcome to this beautifully remodeled coastal condo just two blocks from the sand in the heart of Imperial Beach. Currently appraised at $680,000; offered at $650,000, this is a rare opportunity to own a turn-key home priced well below current market value. The kitchen is the showpiece. A $65K designer remodel with custom cabinetry, quartz countertops, floating shelves, wine fridge, espresso bar, and all high end finishes. New luxury vinyl plank flooring thru-out the unit, complemented by fresh paint, updated fixtures, and a thoughtfully designed OPEN layout that lives larger than the square footage suggests. Take the recently refurbished elevator to the shared rooftop deck and savor the unobstructed ocean views, year round coastal breezes, and the kind of sunsets that remind you why you moved to the beach in the first place. Watch the surf at sunrise, grill with neighbors at sunset, and enjoy a true coastal lifestyle just steps from your front door. Summer Sea is a 24 unit community that completed its SB326 balcony life safety inspection with no active safety concerns and recently invested in significant building improvements including south side siding and plumbing infrastructure. The community is VA approved. Imperial Beach is San Diego's last authentic beach town. Quieter than Pacific Beach, more affordable than Coronado, with the same Pacific Ocean out your front door. You'll be walking distance to the pier, restaurants, shopping, and the new Bikeway Village. Naval Base Coronado, NAB Coronado, and Naval Base San Diego are all an easy commute. Full HOA financial disclosures and appraisal documentation are available to qualified buyers and their agents upon request. Sellers motivated, all reasonable offers considered.
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.
