Welcome to 4374 Ramona Drive, a timeless California Ranch-style home nestled on a rare 0.36-acre cul-de-sac lot in Riverside's highly sought-after Wood Streets neighborhood. Built in 1952, this single-story residence offers 1,865 square feet of living space, a two-car garage, and the kind of charm that simply can't be duplicated. From the moment you step through the front door, you'll understand why this home is unforgettable. Floor-to-ceiling windows in the family room immediately draw your eyes to the lush backyard and sparkling pool, creating a seamless indoor-outdoor connection that can be enjoyed from nearly every room. The family room is anchored by a raised red brick wood-burning fireplace, creating a warm and inviting gathering space filled with natural light and backyard views. At the heart of the home is an open kitchen featuring distinctive forest green tile countertops, counter seating for everyday meals, and a dedicated dining area. A separate living room offers a corner brick fireplace and front-facing views toward Mount Rubidoux. The home also features a convenient mudroom, two guest bedrooms showcasing original hardwood flooring, a beautifully remodeled hall bathroom, an indoor laundry room, and a spacious primary suite complete with an en-suite bathroom and glass door leading out to the backyard retreat. Adding to the home's nostalgic character, you'll still receive your mail through the original mail slot at the front door. Outside, you'll find mature fruit producing fruit trees, a covered patio, an oversized pool with a diving board, a detached shed, and bonus storage behind the garage. Whether you're looking for room to grow, entertain family and friends, or host an unforgettable Fourth of July celebration with fireworks views from your own backyard, this property delivers. Recent improvements include a new roof, new sewer line, new water supply lines throughout completed in 2023 and a tankless water heater, offering peace of mind while preserving the home's original character. Homes on lots of this size rarely become available in the Wood Streets, and the character and setting of 4374 Ramona Drive create an opportunity that's truly special. Come experience the charm and start your story on Ramona Drive.
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.
