21981 Palm Ln, Perris, CA 92570
8 beds · 5 baths · 3,354 sqft
***Price CORRECTION! EXCITED to present this Great OPPORTUNITY!**** This property offers a perfect blend of spacious living and serene natural beauty. The main house features 5 bedrooms and 3 full bathrooms, providing plenty of space for family and guests. it boasts an open floor plan with a dream kitchen, including two cooking areas, spacious granite countertops, and a large island perfect for hosting gatherings. The kitchen large windows offer incredible hillside views. ***WOW, Let's talk OPPORTUNITY*** Whether you want to move in your family or generate additional income, this home is perfect. The guest House features 3 bedroom 2 bathrooms offering privacy and comfort. Main home is approximately 2154sqf and guest house 1200sqf Nested on 2.49 acres, this ranch- style estate not only includes the guest house, there are two additional trailer homes. one trailer is connected to its own sewer, water, power and propane, while the other has water and power. these trailers are currently rented out, generating income. The property is further enhanced with fully paid-for SOLAR Panels, offering energy efficiency and significant savings. according to the seller, the guest house is fully permitted. the two trailers are not permanent fixtures and are not fully permitted, but they still add value to the property, opening up opportunities for financial gain. This makes it a smart investment for offsetting your mortgage, funding future projects, or enjoying a passive income stream. Per seller the second Home is permitted, but the buyer/ buyer's agent must verify this by checking zoning, permits, and other details themselves. Agents do not warrant or guarantee this information.
Source: CRMLS #IV24183457
Financials
Source: Public records
Source: CRMLS #IV24183457
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.