SELLER IS VERY MOTIVATED!!!!! Get creative! Buyer can get seller credits and use credits for closing costs or to buy down the rate! Mountain views from multiple rooms! This clean renovated single-story home nestled close to Badger Canyon Foothills sits next to a large park on a street lined with native California Sycamore trees, HOA pool & 2nd private park. Home's interior features vaulted ceilings, newer laminate floors, fireplace, modern greige paint color, automatic garage, stainless-steel GE profile fridge & oven, dishwasher, large master suite with walk-in closet & Ikea double vanity in the bathroom, a 2nd renovated bathroom with a tub/shower combo, central AC/heat, attic space, breakfast nook, & a 50-year tile roof. Living fence, St. Augustine grass, grafted lemon/grapefruit tree, automatic sprinklers, rosebushes, and an available landscaper for $65/month. Natural spring close to the house in an adjacent wash, giving an environmental charm to the area with birds and frogs. Located near Cal State San Bernardino and Shandin Hills, Badger Canyon is a nice hiking area within a few minutes. Spectacular views of Sycamore Canyon and the San Bernardino mountains. If you have kids in high school, the house is directly adjacent to the school. House is also within walking distance to California State San Bernardino University. Stater Brothers Grocery, Farmer Boys, Sushi, Chinese, Thai, Mexican, El Pollo Loco, and the Inland Empire favorite Baker's are close to the house. Home Depot and In-and-Out 10 minutes!
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.
