3970 Oakland Ave Clearlake, CA 95422
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About this home
Cute, updated home in Clearlake. 3 bedroom 1 1/2 bathroom. Flat, fenced yard. Garage has been partially converted so now is a storage. The lot to the left is empty/vacant so no neighbor on that side. Brick patio in front yard. Security screen door. The front room has laminate flooring, ceiling fan and canned lighting. Kitchen has been upgraded, featuring a new window, new door to backyard, new counters, new cabinets, fresh back-splash, double oven, propane cook-top and dual sink. Dining room also has laundry hook-ups behind the barn doors. There is a bedroom off of the dining area room and a half bathroom. 2 more bedrooms at the other side of the house, one large one with carpet and a ceiling fan and the other has laminate flooring. Hall bathroom is a full bathroom and has been updated, new vanity, tiled shower and tile flooring. Large fenced backyard with a storage shed. Updated electrical panel (200 Amp) per seller. This is a very cute home and would be a great investment or starter home.
Source: SANDIEGO #LC25110705
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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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