Power, possibility, and peace of mind come together here with energy efficient solar, a brand new 2025 roof, three Tesla wall backup batteries, plus a permitted detached 400 +/- sq ft workshop/studio primed for a future ADU conversion, all complemented by a buyer home warranty provided by the sellers. Incredible opportunity to assume a low-interest FHA loan of approximately $366,000 at 4.125%. Qualified buyers may save significantly compared to current market rates. Subject to lender approval. (If buyer assumes loan then buyer must provide funds to cover the difference between the purchase price and the assumable loan balance, either through cash or secondary financing.) This charming California ranch-style single level 3 bedroom, 2 bathroom home with nearly 1700 sq. ft +/- welcomes you with a flexible layout. Once inside, you enter into a spacious front room that can serve as a formal dining room or living room. Tile and vinyl plank flooring run throughout the home, paired with dual pane windows for comfort and efficiency. The inviting kitchen blends style and function with classic subway tile backsplash, butcher block countertops, and a center island that adds prep space and a natural gathering spot. The kitchen opens to an additional dining area anchored by a cozy electric fireplace and coffee bar. Just beyond the kitchen you are invited into the family room featuring a picture window that fills the space with natural light, while double glass doors lead to the backyard deck for seamless indoor outdoor living and entertaining. Installed Govee exterior lighting enhances curb appeal year round with customizable natural color effects, making seasonal decorating effortless and eliminating the need for annual installation. Additional highlights include a primary ensuite, central heating and air conditioning, ceiling fans, and a finished two car garage. The permitted detached shop, built in 2004, offers exceptional flexibility. With vaulted ceilings, skylights, wall A/C, and dual pane windows, is ideal for a home office, workshop, gym, art studio, or future ADU conversion. Drought tolerant landscaping and easy care outdoor living complete a property that blends charm, versatility, and modern efficiency just minutes from vibrant downtown Atascadero.
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.
