309 W Heald Ave Lake Elsinore, CA 92530
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About this home
This home is located in the heart of historical downtown Lake Elsinore, upgraded, and a historical property! This home was built in 1921! The house has 3 bedrooms, 2 bathroom, and is 1,233 sqft (approx), with lush landscaping in the front yard and a secluded back yard with enough room for large gatherings, pets, and toys. There is a alleyway that allows for rear access to the back yard, which has a gate to allow parking for RV's, boats, and offroad vehicles. Inside the home, you will find tile floors and countertops in the kitchen, and wood and tile flooring in the bathrooms. The home makes good use of its more open floor plan and has a fireplace with a built-in bookshelf. The back yard includes a shed and is landscaped and the home also has leased solar panels, which the lease can be transferred. This home is close to schools, churches, shopping, dining, Storm Stadium, and the I-15 for quick and easy commuting. The property is also within walking distance to the lake and Elm Grove Beach, which has volleyball courts, bathrooms, access to fishing, and swimming. This quaint, little historical home is a great property and also an opportunity to own a bit of history! Schedule your showing today!
Source: CRMLS #SW25238819
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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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