15879 Edwin St Mojave, CA 93501
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About this home
This is a great opportunity to become an investor with these four units, each featuring 2 bedrooms and 1 bathroom. Three of the units have been remodeled and are in excellent condition, while the fourth has not been remodeled because the long-term tenants have kept it in very good condition and always pay on time. There is a laundry room with only one washer hookup and one dryer hookup. The new owner has the option to install coin-operated washer and dryer machines for all tenants to use. Two of the units are currently occupied, and two are vacant—ready for you to rent at current market rates. The property is ideally located near a main avenue and shopping centers. There are also many businesses in the area currently hiring employees. Don’t miss this opportunity to become an investor—these units practically pay for themselves through rental income. This property is also a great option for first-time buyers, as the rental income from the other units can help offset the mortgage, making the monthly payment significantly lower than renting elsewhere.
Source: CRMLS #RS25162845
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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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