227 E 55th St Los Angeles, CA 90011
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About this home
Welcome to 227 E 55th St, a charming home that perfectly blends modern comfort with classic LA character. Originally a 1-bedroom, 1-bath residence, this property has been thoughtfully reconfigured and expanded into a spacious 2-bedroom, 2-bath home, offering greater flexibility and functionality for today’s lifestyle. Step inside to find a bright and open living area with fresh finishes, beautiful flooring, and an inviting layout ideal for relaxing or entertaining. The u kitchen features sleek countertops, stylish cabinetry, and fully functional appliances, ready for your culinary creations. Both bedrooms are generously sized, and the two bathrooms showcase contemporary fixtures and beautiful tile work. Outside, you’ll enjoy a private yard with plenty of room for outdoor gatherings, gardening, or future additions. The property also offers convenient parking and is located on a quiet residential street close to downtown LA, schools, parks, and major freeways making it perfect for commuters or anyone seeking a centrally located home. Whether you’re a first-time buyer or an investor looking for a move-in-ready property with strong rental potential, 227 E 55th St delivers excellent value and modern living in one of LA’s most vibrant neighborhoods.
Source: CRMLS #DW25243564
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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.