Newly updated Triplex that is perfect for multi family living or an investor. Property has good bones, a great unit mix and units are move-in ready. These well-sized units & practical layouts offer consistent rental income potential of up to $118k annually. Two units are 3 bds/2 baths & move in ready. Units feature updates throughout, cute galley kitchens with tile backsplashes, stainless steel gas range & refrigerators, garbage disposals, in-kitchen dining areas along with laundry areas for side-by-side washers and gas dryers. The third unit (not photographed) is 4 bedroom, 2.5 bath townhome style unit. This townhome style unit features open living & dining area, tucked away galley kitchen, stackable laundry closet, a bedroom and 1/2 bathroom on the 1st floor. Upstairs the other 3 bedrooms (including the primary) and 2 baths are featured (1 ensuite). The property is well maintained and very little deferred maintenance. All units are individually metered for gas, electric, water and trash. Recent updates include double pane vinyl windows, automatic gates for secured access in the front and back, updated bathrooms, updated lighting & electrical, new flooring, new interior & exterior paint, newer gas water heaters, recent termite repair and clearance, & easy to maintain landscaped yard. This is such a great property for multiple families to reside. It beats the cost of owning a condo or home featuring 3 to 4 bedrooms, 2 baths and between 1000-1250+sq ft of living space per unit. For any investor to secure market rents is a win. The units are practical and well sized thereby decreasing tenant turnover. Adjacent properties to the South were recently updated & the other cleared for development. Property is ~ 5 min drive to 110 highway, 8 min drive to 105 highway providing easily accessible transportation corridors. Lastly, this property can provide a positive cash flow with minimal down payment or solid cash flow, operating at a 7.7% cap rate with 20% down payment & DSCR 1.37 . This should make financing or an all cash purchase very attractive.
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.
