Upon entering this charming 1977 home, you’ll find a welcoming layout with timeless mid-century character and thoughtful details throughout. Situated on owned land with no neighbor to the west, this property offers an exceptional sense of privacy and open space rarely found in Nipomo situated in the sought after Black Lake Estate Mobile Home Park. The interior features a spacious living area filled with natural light and a distinctive original tufted front wet bar, giving the home a fun retro vibe perfect for entertaining or relaxing. The versatile floor plan includes two comfortable bedrooms, two bathrooms, and an additional bonus room ideal for a home office, studio, or creative space, flexibility to fit your lifestyle. The kitchen and dining areas maintain a clean, classic look and open to comfortable gathering spaces that flow naturally through the home. Outdoors, enjoy the open yard and the freedom of land ownership, no space rent, just the independence of your own property. Located near Nipomo’s local shops, dining, and parks, this home combines the charm of a quiet neighborhood with easy access to the Central Coast’s best amenities. Whether you’re looking for your first home, a downsizing opportunity, or a peaceful retreat, 777 Palmer Street delivers classic California style, privacy, and possibility. The lot provides plenty of room for creativity and expansion, the potential for multiple units or even an ADU, subject to buyer verification and local planning requirements. Interested parties are encouraged to conduct their own due diligence with the County of San Luis Obispo and appropriate agencies. All information provided is deemed reliable but not guaranteed, and has been pulled from public records. This is a great opportunity to enjoy the benefits of land ownership, privacy, and Central Coast living with room to grow and personalize.
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.
