28116 Calle Lumina, Temecula, CA 92592
2 beds · 2 baths · 1,128 sqft
Get a free consultation call with an expert in the mortgage assumption process.
This wonderful 2 story (2-bedroom, 2-full bath), 1,128 sq. ft. condominium is in the heart of Temecula. The interior of the home includes light colored carpeting, with beautiful tile flooring in the two bathrooms and kitchen area. The spacious kitchen opens up to the large living/family room and has an extended countertop bar eating area. There is a separate laundry room containing a washer and dryer with gas dryer hook up. The washer, dryer, kitchen/garage refrigerator, and garage overhead storage rack are all included for the buyer to enjoy. There is forced air heating and central air conditioning throughout the home. In addition, the master bathroom has a walk-in shower, and the master closet is a walk-in closet. The master bedroom is fairly large containing high ceilings. The kitchen has stainless steel appliances and a dual kitchen sink (including a garbage disposal) and the kitchen contains plenty of cabinet and countertop space. There is dimmed recessed lighting throughout the home along with decorative ceiling fans and window blinds for the windows. In addition, a glass pane door opens up to a wraparound beautiful outside balcony where you can casually sit and relax. The home was built in 2013 and has a long tandem two car garage with direct home access from the garage. Upon home entry, there are carpeted stairs that will lead to the living quarters. There is only one common wall providing additional privacy. Close to shopping, parks, restaurants, schools, and the 15 freeway. This amazing home can also be a wonderful investment property that won't last!
Source: CRMLS #SW25066206
All values shown are estimated costs / mo.
Source: Public records
Source: CRMLS #SW25066206
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 of Equal Opportunity Act.