Check out this gorgeous cul-de-sac home located in Lake Elsinore's coveted Summerly Community! Located in the heart of the lovely community, this home features a fantastic location tucked away from busy roads and only a 2 minute walk to the Summerly pool area which boasts two huge pool areas, a splash pad for the kiddos, picnic pagoda, clubhouse, sitting areas, sport courts and so much more. You'll enter your new home through your custom landscaped front yard into a spacious family room complete with plantation shutters and plank flooring throughout the downstairs. The roomy kitchen/dining area features high-end white cabinetry with brushed gold hardware, stainless appliances and slab granite counters with loads of counter space perfect for those who love to entertain. Enjoy the view of your massive hardscaped backyard from your kitchen window, or from the sliding door in the dining area. The dining area also features a large pantry. Rounding out the downstairs you'll find a good sized bedroom perfect for elderly parents, visitors, or as an office. Adjacent to this room is a well appointed 3/4 bathroom with large shower with low threshold making it ideal for those with mobility concerns to shower safely. A quick trip upstairs brings you to your loft area which is an ideal space to function as an upstairs family room, reading area, office, or whatever else you can think of. Your master suite features custom paint and wall accents, an en-suite bathroom with twin vanity sinks, a soaking tub, large shower and an oversized walk-in closet. Down the hall you'll find to generously sized bedrooms for all your people and a conveneniently located upstairs laundry room saving you the hassle of dragging clothes down to a garage to wash. Did I mention it also has a ridiculous amount of storage space for your supplies and linens? The backyard of this home is a delight. The current owner invested a significant amount putting in a completly landscaped yard with nice hardscape touches like fire-brick capped walls with custom stone veneer, a centrally located fire-pit with benches to enjoy our cool SoCal evenings and a nice lawn to enjoy. Landscaping is completed with cactus, palms, succulents and hibiscus giving this yard a very comfortable feel. The 2-car garage features built-in overhead storage AND...a Tesla charger the seller plans on leaving with the property. You'll not find a better home in Summerly for this price given its features, location and condition so hurry!
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.
