Built in the early 1900s and thoughtfully updated by the current owners, this charming Bernal Heights late Victorian home blends classic character with modern comfort. Recent improvements include a voluntary seismic retrofit including brand new front foundation, a remodeled kitchen and new flooring throughout. The main level features a bright, open entertaining space with a formal dining area and a contemporary kitchen appointed with new cabinetry, new quartz countertops, new sink, updated appliances, fixtures, and clean, modern finishes. Just off the kitchen, you'll find a convenient laundry area and a marble tiled bathroom designed for everyday relaxation. The laundry area and bathroom are both filled with natural light from skylights. Upstairs, two inviting bedrooms with attic access offer flexible storage and abundant natural light. One of the bedrooms is outfitted with a Murphy-style bunkbed that offers a smart, space-saving solution ideal for guests, children, or a home office. A private, fenced rear yard provides a peaceful outdoor retreat, complete with a patio ideal for lounging and entertaining, along with a turf area and a mature fruiting lemon tree. The basement offers generous additional storage, single-car parking, and easy access beneath the home. Ideally situated on the east slope of Bernal Heights, the home enjoys bay views, a sunny microclimate and close proximity to neighborhood hiking trails, staircases, parks, and recreation. Just moments from Cortland Avenue's vibrant restaurants, shops, and farmer's market, with convenient access to public transportation and freeways, this lovingly maintained home offers the best of Bernal Heights living.
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.
