**Assumable VA loan at 3.0% for qualified buyers** Welcome to a rare opportunity to own a piece of Menifee’s finest, offered for the very first time by its original owners. From the moment you pull up to this meticulously maintained Lennar home, the pride of ownership is unmistakable. Built in 2009 and kept in pristine condition, this residence offers a level of care and detail that only a single-owner history can provide. Step through the front door and experience a spacious, light-filled layout that perfectly balances comfort and functionality. With five generous bedrooms and three full bathrooms, the interior provides an abundance of space to live, work, and retreat. One bedroom is located at the primary floor, with a Murphy bed and corner desk with a full bathroom, for your in-laws or guests. This home has been thoughtfully enhanced with fresh paint; The entire second floor and the expansive 3-car garage have been recently repainted. Modern Lighting & Comfort; The home is illuminated with plenty of LED recessed lighting and features upgraded ceiling fans in every room. The open-concept design flows seamlessly from the inviting living areas to the kitchen, showcasing the classic Lennar quality. The story continues outside, where the property truly sets itself apart. Situated on an expansive, flat lot with increased spacing between neighbors, the backyard serves as a massive blank canvas for your vision—be it a pool, an outdoor kitchen, or a lush garden. Existing outdoor highlights include: An ample patio cover and a wraparound concrete belt offer easy access and the perfect setting for hosting. Upgraded HVAC: Enjoy total peace of mind with an exterior HVAC unit that was replaced and upgraded in January 2021. Sustainable Energy: An energy-efficient leased solar system is already in place to provide predictable, low energy costs.The Community: Unbeatable Value Located on the quiet and desirable N Bay Lane, this home offers more than just a beautiful structure; it offers a lifestyle. The community features: Minimal Fees, Maximum Amenities: Boasting what is arguably the smallest monthly HOA fee in the entire Inland Empire, you still receive premium perks. Recreation: Residents enjoy a splash pad for the kids, a brand-new basketball court, and exclusive lake access (available with permit and proof of residency at no additional fee), plus 2 pools, a clubhouse with a full kitchen, hiking trails, and more.
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.
