Welcome to Palatine, where Modern Sophistication meets Contemporary Elegance. This upscale boutique building features a collection of 16 luxurious condominium homes, each offering a sense of privacy and exclusivity. Located in the highly desirable Bankers Hill neighborhood, Residence 402 is the epitome of luxury. This sought after Three bedroom, Two and a half bath condominium home features premium high-end finishes throughout. From the moment you enter the stylish residence, an elegant entryway creates a breathtaking first impression. Carefully selected materials, Lutron Smart Lighting (App, Remote, and Voice Controlled), and modern decor set a warm and inviting tone for the entire interior. Luxurious travertine stone flooring flows seamlessly though the main indoor and outdoor living spaces. The expansive living space opens effortlessly to an oversized covered patio with stunning views of Balboa Park and the Coronado Bridge. The open floor plan has been thoughtfully designed, with an emphasis on seamless indoor/outdoor living. Floor to ceiling triple sliding doors extend the living space from both the great room and primary suite to the spacious, yet private terrace. The centerpiece of the home is defined by the elegant and well-appointed kitchen. You’ll appreciate the opulent quartz surfaces, Shinnoki Walnut Cabinetry (throughout the home), and Built-in Miele Kitchen Suite including Wine-Fridge, Espresso Machine, and Warming Oven. A separate and intimate dining area provides a sense of occasion, making it ideal for elegant entertaining. A primary suite featuring a luxurious ensuite bath provides a private, spa-like sanctuary that perfectly combines comfort, style, and everyday indulgence. Custom LEMA Walk-in Master Closet with Built-in laundry and automated LED lighting. Two additional bedrooms feature Custom LEMA Reach-in closets with Adjustable shelves and automated LED lighting. You’ll also appreciate a well-appointed guest bath, and the convenience of a private half bath. A separate walk-in laundry room with sink provides for ease of living. Only steps away from Balboa Park, Olive Street Park, fine dining, museums, and incredible cultural attractions, and only minutes away from Downtown San Diego, Little Italy, and the sparkling San Diego Bay! All furnishings are available upon request. See supplement for distinctive features of Residence 402.
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.
