Nestled at 4800 Runway Dr, Fair Oaks, CA, this attractive property offers a wonderful residential opportunity in sought-after Phoenix Field neighborhood. The home is in great condition, ready for you to settle in. The heart of this home is undoubtedly the kitchen, where culinary dreams come to life amidst stylish shaker cabinets and elegant stone countertops. The kitchen island, complete with an island range hood, becomes a natural gathering point, while the peninsula provides additional workspace for meal preparation. The stovetop stands ready to assist with your cooking, and the double oven allows for elaborate feasts. The backsplash adds a touch of sophistication, and the kitchen bar is ideal for casual dining or entertaining. The living room is designed for both grand gatherings and quiet evenings, defined by a striking fireplace that provides a warm ambiance. The high ceiling and vaulted ceiling amplify the sense of space, creating an airy and inviting atmosphere. The bathroom provides a spa-like experience with its tiled walk in shower, offering a refreshing start to each day. A soaking tub invites you to unwind and relax, while the double vanity provides ample space. Step outside to discover an outdoor oasis perfect for entertaining and relaxation. The fenced backyard offers privacy and security, and the private pool is a refreshing escape on warm days. A patio and deck provide ample space for lounging, while the outdoor dining area is perfect for al fresco meals. This property also includes a laundry room for convenience, and an outdoor bar for entertaining. With its tiled roof and open floor plan, this residence is an invitation to embrace a lifestyle of comfort and sophistication. ***Some Pictures have been edited as disclaimer shows. Owner occupied. **Solar to be assumed.
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.
