Downtown San Diego living! Ideally located in the popular Icon Building in East Village, enjoy the views/amenities in your new home. Super convenient, secured with an underground, permitted parking space right off street level. As you enter this nicely maintained one bedroom, one full bath condo, enjoy the open and bright spaciousness of the unit, with a wonderful kitchen, complete with refrigerator, microwave, dishwasher, gas stove and oven (convection too), pantry room, laundry closet with washer and dryer that all convey. Some amenities of the Icon building are a recently renovated lounge area with a full kitchen (available to reserve/rent) and a rooftop skybox with BBQs overlooking Petco Park. Enjoy the 1700 square foot gym and common areas including Community theater room with raised seating, featuring 135 inch HD screen, WiFi, Direct TV, Cox Cable, and Netflix capabilities. The renowned Icon Building has 24-hr front desk security and secure mail and package facilities. There are tons of restaurants, bars, and convenience stores just a short walk away. There is an Albertsons and a Ralphs supermarket about 10 minutes away on foot, and a Grocery Outlet just 2 minutes from your door. The Gaslamp Quarter is only a 10-minute walk, so there’s no need to drive or Uber to your favorite spots. The amenities at Icon are amazing! There’s a fully equipped gym, a common area with a full-size kitchen, TVs, couches, and tables for reunions, conferences, or meetings. The views are incredible—you can see the San Diego Harbor, Mexico, Coronado, Point Loma, and even PETCO Park. Watching Padres games or concerts from the rooftop is a huge bonus! Security here is top-notch, with roving watch standers checking the whole complex (and its surroundings) every 30 minutes. Cleaning staff are constantly maintaining all areas of the building, keeping everything spotless. The condo has a partial view of 10th Avenue, and the balcony is perfect for enjoying a quiet Sunday morning with a cup of coffee. You never had to turn on the A/C or heater, which keeps the electricity bill under $100 a month. The HOA fees cover water, gas, trash, and high-speed Wi-Fi (Google Fiber Webpass). The thick, soundproof windows also block out any noise from games, concerts, or the streets. See it to believe it!
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.
