5384 Rainwood St Unit 92 Unit 92 Simi Valley, CA 93063
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About this home
Welcome Home! This stunning three bedroom two-and-a-half-bathroom gem is the home you have been waiting for! Situated in the tranquil Summer Place neighborhood in Simi Valley, you are first greeted by a private front patio perfect for grilling, entertaining, and spending the evenings relaxing. Through the front door you have a totally remodeled living room with upgraded hardwood flooring, a striking stone fireplace, a beautiful chandelier, vaulted ceilings, crown moldings, and recessed lighting. Next to the living room is a perfectly sized dining room which opens to the nicely upgraded kitchen with granite-like counters, stainless steel appliances, and plenty of storage room for all of your cooking desires. Next to the kitchen is a family room which opens to the center atrium, bringing in wonderful nature light and perfect atmosphere. Upstairs there are three immaculate bedrooms, each with their own ceiling fan and light. The master suite has dual closets and a totally remodeled bathroom with marble tile floors, a beautiful dual sink vanity, new light fixtures and mirrors. Not to be forgotten is the large two car garage perfect for all automobile and storage needs. The modestly priced HOA covers all exterior maintenance as well as upkeep of the community area, and access to multiple community pools/spas. Run don't walk! This one won't last!
Source: CRMLS #225005060
Loan details
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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.