218 Elvado Way San Diego, CA 92114
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About this home
Come one, come all!! Bring your dreams to life. Discover this charming 3-bedroom, 2-bathroom home, a perfect canvas for first-time buyers, investors, and FHA/VA-approved borrowers to create their dream living space. This spacious property offers ample room for the entire family and has potential for additional income with the converted garage, which is ideal for an ADU or rental unit. Enjoy breathtaking city views from the backyard and plenty of space for parking an RV or other toys. This home is a diamond in the rough, offering endless possibilities to personalize and make it your own. Key Features: 3 bedrooms, 2 bathrooms Converted garage for ADU or rental income Stunning city views Ample parking for RV or toys FHA/VA-approved financing options available Ideal for first-time buyers and investors Don't miss out on this incredible opportunity to own a home with endless potential. Schedule a viewing today! Additional Selling Points: First-time buyers: This home offers a fantastic opportunity to enter the housing market and build equity. With enough space for the entire family, it's the perfect place to start your new life. Investors: The converted garage provides an excellent opportunity for additional rental income, making this a smart investment with great potential for returns. FHA/VA-approved borrowers: This home is eligible for FHA and VA financing, making it easier for qualified buyers to achieve their dream of homeownership. Room for personalization: This home offers plenty of space to customize and make it your own. Come and get your keys.
Source: SANDIEGO #250040209
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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.
Roam is committed to and abides by the Fair Housing Act and Equal Opportunity Act.