BEAUTIFUL SINGLE STORY TRADITIONS HOME WITH PREMIUM PARK FRONT LOCATION. This Popular 2005 Model Is In Excellent Condition And Has 3 Bedrooms, 2 Bathrooms, Approximately 1,944 Square Feet Of Living Area, On Approximate .14 Acre Lot With Premium Park Front Location With An Owned Solar Power System, Z-Wave Automatic Lighting System With Hue Variable Light Control, Whole House Top-Rated Aquasana Rhino Water Filtration System, Ubiquity UniFi High Performance WiFi Network System, 2-Car Direct Access Garage With Cabinets & Work Bench, Private Back Yard Garden Patio, Back Yard Storage Shed, Indoor Laundry Room, New Water Heater, Premium GE Profile Stainless Steel 4 Door, French Door Refrigerator, Queen Size Hide Away Murphy Bed, Bosch Premium Brand, Front-Load Washer & Dryer And A Variety Of Delicious Fruit Trees. Great Central Location Close To Major Shopping Centers, Services, Restaurants, Beautiful Parks And Just Minutes Drive From Beautiful Santa Ynez Valley Wineries And Central Coast Beaches Including Pismo Beach, Shell Beach & Avila Beach. Property Features Include; A Comfortable Great Room That Has An Attractive Color Paint Design With Accent Baseboards, Modern Ceiling Fan/Light, Elegant Fireplace With Polished Stone Surround, Newer Premium Berber-Style Carpet Flooring, An Array Of View Windows With Plantation Shutters That Provide An Abundance Of Natural Light And Sliding Door Access To Private Back Yard Patio Garden. Gourmet Kitchen With Tuscan-Style Tile Floor, Counter Tops With Decorative Backsplash & Breakfast Bar, Premium Brand Stainless Steel Appliances Including FOTILE Gas Cooktop Stove, Handsome Wood Style Cabinetry, Walk-In Pantry, Updated Fixtures, Recessed Lighting And Dining Area. Lovely Relaxing Bedrooms Including Larger Romantic Master Suite That Attractive Color Paint Design, Premium Berber-Style Carpet Flooring, Modern Ceiling Fan/Light, Back Yard Garden View Windows With Plantation Shutters, Direct Door Access To Private Back Yard Patio And Luxurious Personal Bathroom With Walk-In Closet.
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.
