Welcome to your Palm Springs escape in the highly sought after Biltmore Colony, a gated community filled with style, color, and that unmistakable mid century vibe. Located just a mile from downtown, this two bedroom two bathroom condo blends modern comfort with classic Palm Springs living, offering spectacular Mountain Views and the perfect backdrop for morning coffee or sunset evenings from your private patio.This home is filled with natural light from expansive windows that frame the mountains beautifully creating a bright airy feel throughout. The upgraded kitchen features stainless steel appliances and sleek finishes making it ideal for both cooking and entertaining. The bedrooms sit on opposite sides of the condo offering privacy for guests or a peaceful retreat after a long day in the desert sun. Inside laundry and a two car garage add convenience to the easy living lifestyle this property offers. Additional upgrades include a brand new AC unit and a new tankless water heater giving you efficiency comfort and peace of mind.This property is currently an active short term rental and is booked out for the next few months making it an incredible investment opportunity for anyone looking to step into the thriving Palm Springs rental market.The Biltmore Colony is known for its stunning design inspired by classic Palm Springs architecture with vibrant community spaces resort style pool areas cabanas and a fitness center. Enjoy fee land low HOA fees and a location that places you minutes from award winning restaurants trendy coffee shops hiking trails and all the excitement of Palm Canyon Drive.If you have been dreaming of owning a stylish Palm Springs getaway or an income producing investment property this condo truly has it all. Message me for a private tour and come experience the magic of the Biltmore Colony for yourself.
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.
