Pride of Ownership abounds in this lovely, well-maintained condo. Ideally situated in one of the most sought-after locations within El Dorado Lakes, this beautifully updated lake view condominium offers a perfect blend of comfort, style, and convenience. Featuring two bedrooms plus a spacious loft, the home is enhanced by soaring vaulted ceilings and abundant natural light. The main living areas showcase new laminate flooring while the remodeled kitchen is appointed with quartz countertops, shaker-style cabinetry, and stainless steel appliances. Newer carpeting extends through the bedrooms, staircase, and loft and fresh interior paint provides a clean, modern finish throughout. A desirable main-floor bedroom, with water views, adds convenience and flexibility, while the open loft upstairs offers additional living space. An enclosed room off the loft can easily function as a second bedroom, home office, or bonus room to suit your needs. The main-floor full bath offers stylish finishes and barn doors provide privacy without taking up space. Step out from the living room onto a private balcony and take in stunning, unobstructed views of the lakes, lush landscaping, and vibrant sunsets—an ideal setting for both relaxation and entertaining. Additional highlights include a detached two-car garage with epoxy flooring and a built-in storage system, as well as an extra carport with storage. Upgrades also include a mini-split air conditioning system, an updated wall AC unit in the bedroom, and a tinted double-pane vinyl sliding door for enhanced comfort and efficiency. The gated community is lush with beautiful flora and wildlife and is conveniently located near El Dorado Park, the Nature Center, a dog park, and scenic bike paths that lead to the beach. Shopping and dining options are just moments away, and the home is located within the highly regarded Newcomb Academy. This is truly a turn-key home where style meets tranquility.
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.
