3511 E 2nd St, Los Angeles, CA 90063
3 beds · 2 baths · 2,291 sqft
Get a free consultation call with an expert in the mortgage assumption process.
Charming Craftsman Home with Income-Generating Back Unit in Boyle Heights Welcome to 3511 E. 2nd St, a beautifully maintained Craftsman-style home in the heart of Boyle Heights. This unique property offers two separate living spaces, perfect for multi-generational living or rental income. The main house features 3 spacious bedrooms and 2 bathrooms, showcasing classic Craftsman details such as built-in cabinetry, wood trim, and a welcoming front porch. The open-concept living and dining areas boast abundant natural light and timeless character, while the kitchen provides ample counter space and storage for all your culinary needs. At the rear of the property, you’ll find a versatile 2-car garage with ample storage space, making it perfect for parking, a workshop, or extra storage. With its generous layout and existing structure, this space presents an excellent opportunity for an Accessory Dwelling Unit (ADU) conversion, offering additional living space or rental income potential. Whether you need a secure place for your vehicles or are looking to maximize the property’s value, this garage is a fantastic asset! Attached to the garage is a 2-bedroom, 1-bathroom unit, ideal for extended family, guests, or as a potential income-generating rental. The layout is efficient and inviting, offering comfortable living while maintaining privacy from the main house. Located in the vibrant Boyle Heights neighborhood, this home is just minutes from DTLA, public transportation, local shops, and great dining options. With its versatile layout, historic charm, and investment potential, this is a rare opportunity you don’t want to miss!
Source: CRMLS #DW25073799
Learn about how it works
Why Roam
Gap financing to lower your down payment
Unlock down payments as low as 5% – only with Roam
5x the likelihood your offer is accepted
If a purchase takes longer than 45 days, we’ll cover the seller’s mortgage until you close
Close faster and stress-free
We close 2x faster because of our deep experience and lender relationships
Rates and payments are estimates based on public records.
Source: Public records
All values shown are estimated costs / mo.
Source: Public records
Source: CRMLS #DW25073799
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 and Equal Opportunity Act.