What better location for a vacation rental/weekend getaway then the Summit Estates area of Big Bear Lake neighboring Snow Summit Ski Area Resort! A year-round resort with Winter snow sports like skiing/boarding/tubing and a Summer gathering for mountain biking, hiking and scenic chair rides. First house at the top of the street on St. Moritz Dr., just below Switzerland Dr, a snowball toss to the resort. This is a very sought after location in Big Bear Lake. Situated on a large flat level fenced lot, the expansion possibilities are there to be realized. Circular paved driveway brings you in with room for boat or RV parking on site. Classic Sierra style architecture offers an open floor plan. This cabin is turnkey and ready to go. Cute front porch with wrap around built in seating. Enter thru the wooded "mud room" for seasonal convenience. Ample sized living room with tasteful furnishings throughout. Dining area with corner windows offering light and vistas. Lovely antique table and chairs with room to seat 6. Updated kitchen offers a breakfast bar with seating, granite counters, stainless appliances, & pantry. 2 spacious bedrooms with queen beds. Both bathrooms are lined with pecky cedar for a rustic feel. Lovely solid wood mahogany interior doors and wood ceilings throughout the home. Forced air central heat to keep everyone nice and toasty. Washer/dryer hookups in the stackable closet off the hallway. Exit sliding glass door to back yard open concrete patio with seating and BBQ. Fully fenced rear yard with raised deck and outdoor spa. Raised deck has built in seating and room for dining, as well as a bubbly spa/hot tub. This is an excellent investment opportunity to own a home in a year-round resort, that has the potential to pay for itself, as well as generate income. Just in time for the coming Winter Season.
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.
