Tucked on a corner lot in one of Northeast LA's most sought-after neighborhoods, this 1924 California bungalow duplex is the kind of find that doesn't come around often, charming from the street, thoughtfully upgraded where it counts, and set up to work for you from day one.The remodeled unit was reimagined in 2022 with a light touch and a sharp eye. An open, airy layout sets the tone, the kind of easy flow that feels effortlessly California. The kitchen was refreshed with new countertops, backsplash, and hardware. The bathroom got a full makeover -- tiled shower, glass enclosure, clean and considered. New windows let the light pour in, and in-unit washer/dryer and recessed lighting throughout round out a space that feels genuinely move-in ready.Step outside and you'll find something increasingly rare in this city: outdoor space that was actually designed to be lived in. A fire pit area anchored by concrete pavers and string lights sets the scene for slow evenings and easy entertaining. Fresh landscaping, a front yard tree, a rear privacy hedge, and newly installed fencing and gates give the whole property a sense of arrival that feels curated, not accidental.The second unit is currently occupied and comes with its original character intact, and meaningful upside for the right buyer who wants to put their own stamp on it over time.The detached garage has been finished into a bright, recessed-lit workspace, currently used as a home office and creative retreat, flexible bonus square footage for work, studio, or creative use.A driveway offers off-street parking, a small thing that matters enormously in this neighborhood. One unit delivered vacant and ready for your visit. The other is currently leased and generating income from day one, with the flexibility to adapt on your timeline. All of it just moments from the restaurants, coffee shops, and weekend energy of York Boulevard and Figueroa Street.This is Highland Park living with room to grow into it.
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.
