1517 Simmons Ave, Commerce, CA 90022
3 beds · 3 baths · 2,070 sqft
This is the opportunity to make a home, work for you or simple enjoy what it offers- choice is yours. Spacious, Adaptable and Centrally located are definitely words to describe this home. If you like Numerology, this is a 5 Home- social, adaptable, and full of fresh energy. This makes the vibration of this house perfect for those who want to have fun, fun, and more fun! If you love to entertain, enjoy being the go-to house on the block, or simply want to get the most out of life, look for a home with a 5 address. And this home is no Exception with entertainers layout or space for multiple or large families so the party never ends. Dreams of future expansion? This home is zoned R3 for the ability to build up to 4 units in the future but for now, this home serves space, ambiance and excellent location close to everything you could need and want. 1517 Simmons offers 3 bedrooms, 3 bathrooms and over 2,070 sq ft. Front entrance allows for foyer, living area, open concept kitchen and dining with oversize Island, Double oven, Ample Cooking Prep space and cabinets for storage. Kitchen is every chef's dream. Downstairs offers two large bedrooms with wall to wall and a full bathroom. Updated windows bring in an abundance of natural light. Second story offers oversized master suite with jacuzzi, his and hers wall to wall closets, an ensuite restroom, space and privacy. Upstairs could serve as independent unit. Downstairs you'll find another restroom, laundry room and oversized family room complete with separate entrance. Outside you'll find the entertainers covered patio with barbecue, bar area and detached two car garage. Area is concreted for low maintenance, both sides of property are gated for privacy and wide for additional storage. Additional benefit to this are R3 - Multi Unit Zoning, Detached 2 car garage, ample street parking and central 90022 location just minutes from major freeways and the Citadel outlets. This home offers a flowing layout that affords multi generation, multi family or the opportunity to live and create rental income to assist with your mortgage. This Montebello adjacent home is a Must see just walking distance from major attractions and entertainment. All Financing Welcome. This is the opportunity to make a home work for you. Don't miss out.
Source: CRMLS #DW25009967
Financials
Source: Public records
Source: CRMLS #DW25009967
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.
What is Roam?
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.
What is an assumable mortgage?
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.
Why is an assumable mortgage valuable?
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.
How can you find assumable mortgage listings?
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 “Get Notified” 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.
How do I qualify for an assumable mortgage?
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.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.