Built in 2018, this North Pacific Beach modern coastal home has been immaculately maintained, boasts high end stainless appliances and designer finishes throughout, and comes with an open and intelligent floor plan perfect for formal entertaining or just casual day to day beach living. The recent addition of a detached, fully permitted 1BR/1BA 602sqft ADU complete with separate entrance, laundry and its own private roof deck, only adds to the flexibility of this offering with just under 3000sqft of total living space. Three blocks to the beach, walk to restaurants, shops, and both elementary and middle schools. Enjoy bay, ocean and coastline views south to the Coronados. see supplement for more property details... The main house is 2331sqft, with 3BR/3.5BA, an optional den/family room/office on main floor and an additional suite on the 3rd level with full bath, wet bar area, wine fridge, and expansive deck with fireplace and views of the coastline to the south. Finishes include shaker cabinets in the kitchen, quartz counters, Jenn-Air extra wide range with hood and pot-filler and custom back splash. La Cantina doors open from the family room to the front patio, while large wall to wall sliders open the living area to the back yard patio providing a seamless flow of indoor/outdoor living. The master suite has its own private lanai, fireplace, walk in closet and bath with custom tile work and fixtures, rainfall shower and separate tub. There's a 2-car detached garage off the alley with ample height for overhead storage. Above the garage sits the newly constructed ADU, providing an additional 602sqft (as per plans) of living space with the same quality of finishes as the main house. The ADU has its own private entry, separate bedroom from living area, laundry closet and a large private roof deck with views. ***Please note the main house is 3BR/3.5BA 2331sqft (assessor's records), ADU is a 1BR/1BA 602sqft (as per approved plans, not yet in assessor's records). MLS description of property combines both.
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.
