Think you can't afford to own a home? Come see this Immaculate two bedroom, two bathroom detached Single-Family Home in the Highly Desired 55+ Watercolors gated Community! This property carries a $103,000 silent 2nd mortgage with the City of La Quinta Housing Authority and you must meet moderate income requirements. Total Purchase price including the silent second is $455,000 ( $352,000 + $103,000). Buyer needs to qualify with the Housing Authority for the lesser amount. Situated away from road noise and the entrance gate, this beautifully maintained detached single-family home offers the perfect blend of comfort, style, and convenience surrounded by nearby multi-million dollar homes and communities. With impeccable pride of ownership and tasteful upgrades throughout, this home is truly move-in ready! Step into the remodeled kitchen, featuring quartz countertops, Stainless steel appliances, custom-painted new soft close cabinets, a new sink, faucet and refrigerator. The open-concept great room boasts high 12+ft ceilings, ceiling fans, two new chandeliers, cozy gas fireplace, and an abundance of natural light. The spacious primary suite offers a large walk-in closet and an en suite bathroom with a dual sink vanity and a walk-in shower. Additional highlights include an indoor laundry space, an attached two-car garage with EV charger, new garage opener including springs and rollers, and a generous side yard patio with a new canvas sunshade-covered sliding door perfect for outdoor relaxation. Don't miss this rare opportunity to own a detached home in the desirable Watercolors 55+ community. Watercolors is an income qualified community offering low maintenance living, community pool/spa and a clubhouse. Close to shopping malls, restaurants and all amenities. Total Purchase price including silent second is $455,000.($352,000 + $103,000= $455,000). NO Rentals, NO cash purchases, NO investors- PRIMARY RESIDENCE ONLY. INCOME LIMITS, 1 person $62,651to 87,300, 2 people $71,601to 99,750, 3 people $80,551 to 112,250, 4 people $89,501 to 124,700. Call listing agent for more details.
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.
