1981 Marlborough Ave Riverside, CA 92507
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About this home
Charming Fully Remodeled 1924 California Bungalow in North Riverside. A Rare Blend of History and Modern Comfort! This meticulously updated two-bedroom, one-bathroom bungalow was constructed in 1924 with durable redwood. The residence thoughtfully integrates classic architectural elements with contemporary updates for comfortable living. Interior Features: The home has been freshly painted throughout, providing a clean and inviting atmosphere. The kitchen features a modern remodel, including stainless steel appliances, refrigerator, stove, dishwasher, and a brand new beverage refrigerator, all of which are included. The bathroom was updated with sleek finishes and LED lighting. New flooring was installed last year. The primary bedroom offers a built-in closet organizer, while the secondary bedroom includes a closet organizer and sliding doors leading to the backyard patio and spa; the spa is included with the property. Garage & Workshop: The detached, two-car garage is constructed from redwood. There is also a separate shed/workshop accessible from both the front and rear of the property, independent from the garage. Both the garage and workshop benefit from upgraded 220V electrical systems with 60 Amp service. Outdoor Highlights: The front yard is landscaped with mature cherry and apricot trees as well as vibrant potted plants. Backyard alley access featuring a gate provides potential for future development, including an ADU (zoned R17000). The rear porch/patio area is constructed of wood and includes a spa. Custom front fencing and a full property enclosure contribute to privacy and security. Additional Upgrades: The home features all-new plumbing, a rewired electrical system, and a tankless water heater with a zero-clearance unit. This move-in-ready residence combines historic charm with modern conveniences and presents exciting opportunities for future enhancements.
Source: SANDIEGO #IV25234298
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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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