12268 Samoline Ave, Downey, CA 90242
4 beds · 2 baths · 2,123 sqft
Get a free consultation call with an expert in the mortgage assumption process.
Welcome to this contemporary, custom-built home nestled in a secluded area of Downey. This single-story home spans a little over 1,881 square feet and features an open layout with 4 bedrooms and 2 full bathrooms. The permitted enclosed patio has significant upgrades, making it a Family Room with a built-in gas fireplace, ceiling fan, and custom shutters. With the additional ~242 square feet, the home enjoys ~2123 square feet of living space. Enjoy the spacious, fenced backyard, complete with a large, sparkling pool. Situated on one of the largest flat lots in the area, over 8,000 square feet, the property includes a detached two-car garage that can be easily converted into an ADU. For car enthusiasts, there's a professional heavy-duty hoist under the carport for engine work. The property is equipped with 24-hour outdoor surveillance cameras and a shed for added security and privacy. There is a parking space for an RV with an access gate to Paramount Blvd! Louvered shutters and recessed lighting are found throughout the house and are complimented by a spacious backyard with a pool perfect for unwinding after a long day. Additional gated parking includes RV parking with a 250-volt connection for electric car charging. The seller has meticulously maintained the property, recently painting the interior and exterior and remodeling the bathrooms with cast iron tubs and Kohler appliances. Inside, the cozy home features hardwood floors and porcelain tiles in the kitchen area. The kitchen is updated with double-paned windows, granite countertops, Kohler fixtures, and a breakfast area. The large great room offers dining space and a picturesque fireplace for gatherings. A separate laundry room is on-site, and a step-down den with a vintage-styled fireplace overlooks the pool. Don't miss this spectacular opportunity to make your dream home a reality. From an outdoor oasis, space for a sport court/basketball court, or whatever you can dream up, the outdoor space is yours to create. Inside, a charming home awaits new caretakers to add more love.
Source: CRMLS #OC24255366
All values shown are estimated costs / mo.
Source: Public records
Source: CRMLS #OC24255366
To qualify, you must meet the current FHA or VA 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%. 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.
FHA (Federal Housing Administration) loans
FHA loans require the buyer to assume the mortgage as a primary residence.
VA (Veteran's Affairs) loans
You don't have to be a veteran to assume a VA loan. However, not all veterans are willing to let a non veteran assume their mortgage. Roam confirms the seller's willingness prior to you making an offer.
Investors
You may be able to assume a VA mortgage as an investor without it being your primary residence.
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.
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.
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 620, 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.
Roam is committed to and abides by the Fair Housing Act and Equal Opportunity Act.