If you're looking for privacy and a romantic evening fireside, this is the home for you! Welcome home to Old Mill Rd, located in the highly desirable community of Audie Murphy Ranch in Menifee. This stunning 5-bedroom, 3-bath home offers over $40,000 in backyard landscaping appointed with romantic mesquite trees lining the yard to create a private oasis. As you enter the almost 2700 sqft property you are greeted by tall ceilings, LVP floors, custom paint high-end fabric window treatments and gorgeous furnishings that are negotiable with the property. The main floor features a large bedroom and a full bath boasting a tub/shower combo. The Great room is illuminated by natural light flooding through the large windows and into the generously sized dining room perfect even as a flex space. The gourmet kitchen features quartz counters, grey cabinets, an eat-up island, stainless steel appliances including a stainless-steel fridge, and a large walk-in pantry. The mudroom leads the way to the 3-car tandem garage. The home offers ample storage through large closets on both floors. The second story boasts a cozy loft and a spacious laundry room with built-in cabinetry for additional storage, complete with a washer and dryer. Two of the three secondary bedrooms are generously sized and feature plush carpeting and standard closets. The third bedroom is equally spacious, offering a unique office nook, a walk-in closet, and plush carpeting. The massive primary suite boasts gorgeous views of the private yard and a custom barn door to the large bath featuring a soaking tub, walk-in shower and massive walk-in closet.The private yard has been curated to offer privacy and beauty featuring custom pavers, a large CA room, a custom brick fireplace and drought-tolerant lush landscaping with Mesquite trees that do not need watering including a large dog run featuring artificial turf. The community offers pools, a spa, clubhouse, walking and biking trails, a skate park, sports parks and the award-winning Taawila Elementary School which is rated the number one school in Menifee and the new Kathryn Newport Middle School. The community is located between the 15and 215 freeways, close to shopping and dining. This home is walking distance to the main clubhouse, multiple trails, and the middle school.
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.
