MASSIVE PRICE REDUCTION IN ORDER TO SELL QUICKLY! Breathtakingly beautiful and private 4.82 acre lot with delightful & spacious home in Spanish Hills Ranchos development of East Temecula. The home is 2359 square feet manufactured home on a permanent foundation with separate living room and family room which features rock fireplace and skylights, and new carpet. The Kitchen is huge and features center island, walk in pantry & an abundance of cabinetry. There are three bedrooms and two full bathrooms dual heating and air conditioning. There is a 2 car attached garage with heat and air. The lot feels much larger than it is, has low maintenance landscape in the front and backyard with a variety of plants and trees including fruit trees & garden space. Approximately half of the lot is fenced and cross-fenced to help with your animals. There is plenty of hardscape as well including rear cement patio, front porch, cement driveway and walkways around the home. The lower portion of the lot features a seasonal creek and native landscape of oak trees creating a beautiful meadow. Sit on your porch or in your meadow and enjoy wonderful views of city lights, mountains and sunsets, all this while being just minutes away from the city amenities of Temecula or the wineries. You have plenty of usable land for horses & the community has horse trails throughout. MOTIVATED SELLER!
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.
