1550 E Puente Ave West Covina, CA 91791
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About this home
This is a once in a lifetime opportunity to own a piece of History. This property is a designated landmark with the City of West Covina on the market for the first time in over 50 years. Built in 1894 this Farmhouse Craftsman has many original features intact. So much potential here to make this your Vintage dream home. The home boasts large rooms, hardwood floors, original built-ins in the living room and dining room. There are lots of windows offering natural lighting. The fireplace in the living room has a beautiful wood mantel and built-ins on either side. The formal dining room has original unpainted wainscotting and a built-in china cabinet. The first floor consists of formal living and dining rooms, a den, an office, a large kitchen, a service porch and a bathroom with a walk-in shower. The second floor consists of four bedrooms, the primary is large, it has two walk-in closets, and the other three bedrooms have access to the original sleeping porches. The second bath is upstairs. The home is situated on a large double lot, set back from the street with an expansive backyard that has a pool/spa and fruit trees. There is a two-car detached garage that has been used as a studio. The home is just one of a few that the City has deemed potentially eligible for listing on the National and California register of Historic Places according to a publication in 2006. Several capital improvements were completed recently including foundation work in 2024, a chimney liner in 2002, a sewer liner in January 2025 and the exterior was painted in 2023. Conveniently located close to schools, shopping and transportation this unique home has so much to offer. Walking distance to Palmview Park.
Source: CRMLS #AR25247782
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FAQs
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.
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