Beautifully updated 5-bedroom, 3-bath home with paid solar in the Menifee Greens community near Menifee Lakes Country Club, offering an open-concept layout and thoughtfully upgraded interiors. The first floor includes a versatile flex space, formal dining room, and a downstairs bedroom with direct access to a full guest bath. The fully remodeled chef’s kitchen stands out with a large island, brand-new cabinetry, rare granite countertops, 6-burner gas cooktop, double ovens, farmhouse sink, walk-in pantry, dishwasher, and breakfast bar seating that opens to the living room with a fireplace and built-in media center. Upgraded LVP flooring and modern baseboards extend throughout the home. Upstairs features a spacious loft currently used as a theater room, along with a convenient laundry room, two secondary bedrooms, a newly renovated shared bath, and a private primary suite with a spa-inspired ensuite. The backyard is designed for low-maintenance outdoor living with a concrete patio, built-in BBQ island with sink and beverage fridge, gas hookups for a fire pit, a dedicated spa pad with electrical, and a dog run. A three-car garage provides ample storage. Very low taxes, no HOA, and no Mello-Roos. Located on a quiet interior street near multiple neighborhood parks, including Aldergate Park (under 0.6 mi) and El Dorado Park (under 0.9 mi). Approximately 2 miles to Menifee Town Center, Sprouts, Stater Bros., Caffe Mercato, Better Buzz Coffee, and 215 freeway access. 3D tour and floor plan viewer available.
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.
