Phillips Ranch offers an excellent value and lifestyle. This home delivers coveted features: a spacious lot allowing privacy, a thoughtful floor plan with a downstairs bedroom and bath, & of course- move in condition. Located in the Crown Pointe subdivision where the parcels are typically a third of an acre and in some cases over an acre! This allows unparalleled privacy and opportunities for ADU's, RV parking, & home expansion....and you will still have plenty of yard space! The foyer opens to cathedral ceilings through the living room and stepdown dining room. French doors and abundant windows provide natural lighting through the living areas. A fireplace graces the family room which is open to a nook and the kitchen. A sliding door from the family room opens to the private and spacious back yard. The kitchen has modern cabinets and upgraded stainless steel appliances. The refrigerator/freezer is built-in for an elegant touch! The wide staircase leads to 3 upper bedrooms and 2 bathrooms. The 2 front bedrooms have views toward the front yard and distant views to Chino Hills. One of the bedrooms has built-in office desks- ideal for working from home. The primary bedroom has vaulted ceilings, a fireplace, and a private balcony- with views of city lights and Chino Hills to the east. The primary bath has elegant upgrades, a walk-in closet, skylight, and high ceilings. Throughout the home are solid surface floors, recessed LED lighting, and smooth texture ceilings. Simply move in and enjoy. The roof was replaced approximately 6 years ago, recently new water heater, and multiple mini splits for energy efficient heating and cooling- in addition to the built in HVAC. Phillips Ranch has award winning schools shared with N. Diamond Bar. Shopping is simple at the local Winco, Walmart, Target, and a myriad of shops and restaurants. A quick 10-minute drive to the Chino Spectrum or Chino Hills Shoppes or Ranch 99 Market. Easy access to the 10, 57, 60, 71, and 210 freeways! Everything is convenient!
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.
