3162 Louise St, Lynwood, CA 90262
3 beds · 2 baths · 1,364 sqft
Discover the charm of this delightful Lynwood residence, where classic features meet modern upgrades. Step inside and be welcomed by natural wood floors that flow seamlessly through the spacious living room, which is bathed in natural light from an arched window, and showcases a stylish coved ceiling accented with recessed lighting. The kitchen has elegant granite countertops and a timeless subway tile backsplash. You will love to retreat into the primary bedroom, which is considerably sized, and complete with a sliding door to the back yard, an en-suite bathroom and a convenient walk-in closet. This home has been thoughtfully updated over the years with copper plumbing, electrical panel, and energy-efficient dual-pane windows, ensuring comfort and peace of mind. The backyard is spacious for family gatherings, and the front porch is great for relaxing and viewing the quiet neighborhood. On top of the roof you will find solar panels and the driveway leads all the way to the garage in the back. Located in the heart of Lynwood, this property offers easy access to local amenities. Enjoy a leisurely stroll or family picnic at nearby Lynwood City Park, a local favorite for its green spaces and community events. In fact within about a 2 mile radius you will find about a half a dozen parks to enjoy outdoor recreation. Conveniently situated, this home is just a short drive to the 105 freeway, providing seamless connectivity to greater Los Angeles. Furthermore, residents can enjoy local attractions such as the Plaza Mexico, which is about 6 blocks away, offering plenty of shopping and dining options.
Source: CRMLS #PW25061721
Financials
Source: Public records
Source: CRMLS #PW25061721
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.