420 S 38th St Richmond, CA 94804
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About this home
Why settle for a condo when you can enjoy the comfort, privacy, and independence of a full single-family home? Discover 420 S 38th Street, a beautifully updated mid-century bungalow in Richmond’s North & East neighborhood, right on the El Cerrito border. This light-filled 3BD/1BA home features an airy open layout with recessed lighting, a neutral palette, and seamless flow between living spaces. The renovated kitchen boasts white cabinetry, designer tile backsplash, sleek countertops, and stainless steel appliances, while the updated bathroom offers contemporary finishes. Low-maintenance yards provide space to relax or entertain. Conveniently located near Shields-Reid Park, Point Isabel, El Cerrito Plaza, and Berkeley’s 4th Street District, with easy access to I-80/580 and just 7 minutes to El Cerrito del Norte BART, this move-in ready home combines comfort, style, and commuter convenience. Qualified buyers may be eligible for a special financing program offering a low 3% down payment, reduced interest rate, and waiver of mortgage insurance with no first-time buyer requirement.
Source: CRMLS #41111267
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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.