35916 Rice Canyon Rd Fallbrook, CA 92028
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About this home
Breathe easy as you relax and unwind at your quaint single-story log-style home featuring a stunning panoramic view. With 20.89 acres of picturesque rolling hills, this mini-ranch offers endless possibilities for enjoying the wonders of nature and for generating different sources of income. Currently, a portion of this mini-ranch is being developed as an exotic fruit farm featuring a number of exotic fruits such as guava, Australian custard apple, Israeli custard apple, banana, orange, peach, jujube, java, sapote, mango, longan, tangerine, berry, berry, rolia, lemon, and sakara flower. The rolling hillsides have great potential to nurture grapevines or avocados for personal enjoyment or additional income streams. The main house is a perfect mix of contemporary and rustic architecture, featuring all the country charm paired with the perfect amount of modern luxury. The spacious main house features 3 bedrooms, 2 bathrooms, and a side deck and patio with a picturesque panoramic view. This house is also currently rented providing another source of income stream. The property also features a detached 2-car garage, a fixer-upper mobile home, and boundless space for the potential additional construction of AirBnb tiny homes. Please check with the city for any updated ordinances and/requirements. This huge parcel is also currently home to a number of farm animals, including chickens, peacocks, egg-laying geese, and dogs. Nevertheless, there is plenty of room on these extensive acres for animals like horses, goats, alpacas, and fish.
Source: CRMLS #PW25128968
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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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