***PAID OFF SOLAR W/ BATTERY BACKUP*** Welcome to 36250 Pursh Drive, a beautifully maintained 5-bedroom, 3-bath home offering 3,102 square feet of spacious living in the highly sought-after Canyon Hills community of Lake Elsinore. Ideally situated on a desirable corner lot, this home enjoys exceptional privacy with no neighbors behind and only one neighboring home to the side, along with scenic views of the surrounding hills. Located directly across the street from one of Canyon Hills’ three community pools, this property offers both convenience and an outstanding lifestyle. Inside, you’ll find a well-designed floor plan featuring a formal living room and separate formal dining room, perfect for entertaining and everyday living. Fresh interior paint throughout enhances the light, open feel of the home. The main level includes a full bedroom and bathroom, ideal for guests or multi-generational living, while upstairs features a large loft providing flexible space for a media room, home office, or play area. Energy efficiency is a major highlight with paid-off solar and battery backup, offering long-term savings and peace of mind. Step outside to enjoy a covered patio and relaxing hill views, perfect for outdoor dining and gatherings. The low-maintenance artificial turf in the front yard adds to the home’s curb appeal, while the 3-car garage provides ample space for vehicles, storage, or toys. As part of the Canyon Hills master-planned community, residents enjoy access to multiple pools, parks, sports courts, walking trails, and more, all with easy access to schools, shopping, and freeways. This home combines location, space, privacy, and upgrades, making it a truly exceptional opportunity in one of Lake Elsinore’s most desirable neighborhoods.
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.
