Welcome to the highly sought after Monticello community. Experience luxury and versatility in this fully updated 5-bedroom, 3.5-bathroom residence spanning 3,027 square feet. Designed for ultimate flexibility and Multi-generational living, the floor plan offers dual primary suites, including a private upstairs ensuite. Closets in the home has been professionally outfitted with premium California Closets custom organizers, and the remodeled bathrooms showcase a new, frameless glass shower enclosure. The interior is defined by high-end finishes, including upgraded porcelain tile flooring and elegant custom molding throughout. At the heart of the home is a fully remodeled, gourmet kitchen featuring 3/4-inch granite countertops, a central island, and floor-to-ceiling luxury soft-close cabinetry. Top-tier BOSCH stainless steel double ovens and a custom tile backsplash complete this culinary space. The home is equipped with a suite of high-efficiency systems, including a 26-panel leased solar system designed to minimize electric bills, a newer 2024 water heater, and a whole-house Envirotek reverse osmosis water filtration system. Practical upgrades include a newer roof, newer window screens, and a recently serviced HVAC system. The expansive backyard is an entertainer's dream, featuring a custom patio cover with dual fans and lighting that frames breathtaking mountain and city light views. The grounds include a secure, gated dog run and a versatile "She Shed" equipped with full electrical—perfect for a home office, art studio, or gym. While the home is a private oasis, its location is second to none. Nestled in a quiet neighborhood directly along the Iodine Springs Reserve, you are steps away from multiple hiking trails, including the famous Nutmeg Loop. Despite the serene setting, you remain perfectly positioned for an easy commute. You are minutes from top-tier local dining and shopping, and centrally located for Southern California’s best attractions: 45 minutes to Disneyland or the San Diego Safari Park, and just one hour to the coast’s pristine beaches. Located within the respected Lake Elsinore Unified School District, this home offers access to quality local education. A must see home.
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.
