29263 Gateway Dr Lake Elsinore, CA 92530
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About this home
Welcome to this charming home located in the Shore Point Community situated with a Lake view. This home features 4 bedrooms, 2 1/2 bathrooms a 3-car garage with 2595 sq. ft of living space and 9148 sq ft lot with Solar Panels. As you enter the home you are greeted with a spacious living room and dining room with tile flooring and dual pane windows throughout. The kitchen is open to the Family room with a fireplace. The Kitchen features a center island with granite counter tops, stainless steel sink, dishwasher and gas stove and oven with an ample amount of cabinets and a dual sliding glass door leading to the backyard. The downstairs bedroom has laminate flooring a ceiling fan, walk in closet and plenty of natural light. The guest bathroom has a vanity and walk in shower. Upstairs there is a spacious loft with laminate flooring and a ceiling fan. The primary bedroom has laminate flooring a ceiling fan with a en suite that includes a double vanity, soaking tub, walk in shower, two separated walk-in closets. There is an individual laundry room with plenty of cabinets for storage. The two guest bedrooms have laminate flooring one has a walk-in closet and the other a sliding double door closet. They share a full bathroom with a separate area for the vanity and sink. The exterior of the home is a blank canvas with plenty of space to create a beautiful backyard. Conveniently located close to the 15 Freeway, close to downtown Lake Elsinore Shopping, Dining and Schools, this home is situated close to the park and within a great community. Come and make this your own!
Source: CRMLS #IG25138466
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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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