3022 Terry Pl, Los Angeles, CA 90031
- beds · - baths · 3,548 sqft
This gem of a property is back on the market baby!!! Second chances don't come often, and with this home, you gotta see it to believe it. So don't let yourself miss out on this one again. Get into Lincoln Heights early before it really blows up like Silverlake, Echo Park, Frogtown & Highland Park. Future live-in owners and investors alike are going to love the rental income on this absolute stunner. Not only is this property very unique for the area, it also boasts having 2 of its 3 units being tastefully redesigned and remodeled. The property has also been kept up immaculately for many many years. The owners have invested significantly not just inside, but also in wonderful landscaping and lots of outdoor areas for serene relaxation and exquisite entertaining. There are also amazing views all over, including right from the driveway. Two units have superb views ranging from the Dodgers Stadium fireworks show to Downtown Los Angeles and far beyond. And the generously sized 3rd-story balcony in 3022 Terry also boasts what can only be described as one truly epic view. I can talk all day about what a wonderful property this is. But it's the tenants happiness and adoration for living here that speaks the loudest. They gush about how much they love all the privacy and the property's well-hidden feel...while still being just a hop, skip or jump away from everything wonderful in the area. Oh and did I mention that Downtown LA is also just 5 min away? Instead of continuing to go on and on, here is a quick list these homes many wonders. -Units: (1) 3 Bed +2.5 Bath & (2) 2 Bed +1 Bath -Each unit has its own private yard, laundry, 2 parking spaces -Mature fruit trees (limes, orange, banana, avocados, fig) -Drought tolerant landscaping with low-maintenance programmable irrigation -Hidden, dead-end street -Close to downtown -Close to many freeways -Great tenants and no problems finding tenants that would love to live here. -Great rents -3 Private Units -Even higher rental income potential -Minimal maintenance -2 completely renovated units - Perfect Opportunity for an Owner to live in the unit that will be vacant in May, while renting the other two. So DO NOT miss out on this very rare opportunity that's as good as it gets in the area, while also somehow still having even more future earnings potential....or you'll be kicking yourself later.
Source: CRMLS #AR25039446
Financials
Source: CRMLS #AR25039446
Source: Public records
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%. 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.
Other resourcesWhat 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.
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