7136 Upper Palermo Rd Palermo, CA 95968
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About this home
This home needs some TLC but is comfortable and on a great piece of land, and may possibly qualify for a rehab loan! There are renovations being started with abundant building supplies available that can be negotiated. Price will be adjusted as renovations are completed, as per the seller. As you enter the living room from the front door you are welcomed into the heart of the home. The kitchen is on the left and the wood burning stove and dining room are in front to welcome you. The bathroom has a newer vanity and spacious shower. Down the hallway there is a linen closet and two large bedrooms with two closets in one bedroom and one closet in the other. Outside of the kitchen is a carport area that could be finished to add square footage to the home. There is also a laundry area off of the carport. There is a detached two car garage that has 220 electric, swamp cooler and is plumbed for a wood burning stove. Plenty of room in there for your project car and all of your tools. There are several different varities of fruit trees, an abundance of Elucalyptus trees, garden area, creek and olive trees. South Feather Water and Power is installing city water we are told within the year, at no cost to the land owner. This property also has SFWP Irrigation rights if used at least once per year. The seller uses it to irrigate the property on a weekly basis. Call me or your favorite Realtor to have a private showing and spend some time here to appreciate everything that this home and property have to offer! All personal property will be removed by the close of escrow.
Source: CRMLS #OR25185613
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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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