Corner lot on a cul-de-sac on Northwest side of Chico in the Avenues with 19 solar panels owned by Seller. Welcome to a turnkey 3 bdrm, 2 bath with 1621 sqft home with new interior paint throughout including doors, trim and baseboards. New quality carpet & pad in bedrooms with new white shutters and lighted ceiling fans add a finish touch. New hallway lighting installed. All new white outlets with slide wall switches added throughout. This open floor plan allows space for active little ones, lots of cooks in the kitchen or folks needing walker or scooter assist. Truly the heart of the home is the living, dining and kitchen areas with vinyl hardwood flooring making cleaning easier. The vaulted ceilings and opened custom shutters bring in all the natural light. Kitchen has new microwave with gas stove, walk-in pantry, plethora of cabinetry and new recessed lighting Master bedroom boost of large walk-in closet, in-suite bath with jetted walk-in tub/shower. Separate laundry room has both gas/electric hookups with storage. New shower heads, faucets and exhaust fans were replaced in both bathrooms with ADA grab bars. Safety screen doors are on front and back doors. Rain gutters with leaf guards, solar panels, windows and screens were all professionally cleaned. The large 2 car garage has new interior paint with stairs for attic access & storage. Lovely home is a quiet setting nestled in the Holly Estates neighborhood of Chico within blocks of shopping, dining, and trails for walking.
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.
