Welcome to Orange Tree Terrace, one of Irvine’s most sought-after communities. This beautifully remodeled home with corner location offers privacy and scenic views of mature trees and open space. Situated at the end of a quiet street within a secure building, this exceptional home shares only one common wall and is surrounded by walls of glass and oversized windows that fill the interior with natural light. The spacious floor plan features dual balconies, with both bedrooms opening directly to private outdoor spaces that overlook the tranquil surroundings. The remodeled kitchen features quartz countertops, stainless steel appliances, a breakfast bar, subway tile backsplash that extends under the breakfast bar, white shaker cabinetry that include two lazy susans and glass-front display cabinets. Just off the kitchen is the laundry room with pocket door that offers a full-size stackable washer and dryer along with abundant storage space rarely found in condominium living. The expansive living room is highlighted by a cozy fireplace, corner windows that make the perfect or reading area and picturesque views. The adjoining dining room accommodates all your family and guests and opens to the deck for seamless indoor-outdoor living. The primary suite features a generous walk-in closet, corner windows and sliding door opening to the deck. Both baths have been remodeled with stylish vanities. Additional amenities in the home include a spacious double-door entry closet, updated brushed hardware, LED recessed lighting and plentiful storage with two walk in closets off the deck. Residents of Orange Tree Terrace enjoy resort-inspired amenities including a pool, spa, fitness center, clubhouse, tennis courts, basketball court, playground, beautifully maintained grounds, gated subterranean parking, and guest parking. The community’s central Irvine location places shopping, dining, golf, parks, hiking and biking trails, a short walk to Irvine Valley College, UCI, Irvine Spectrum, Fashion Island, South Coast Plaza, John Wayne Airport, easy access to I5/405 and all major transportation corridors. This home combines a peaceful setting, thoughtful upgrades, abundant natural light and an exceptional Irvine location, this move-in ready residence offers a rare opportunity within the highly desirable Orange Tree Terrace community.
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.
