3512 E 7th St, Los Angeles, CA 90023
- beds · - baths · 2,592 sqft
Amazing 3 UNIT property (Single Family Residence @ 3512) with a (Duplex @ 3514 in rear) in the hot community of Boyle Heights (City of L.A. services). *** FRONT HOUSE is a 5BR/13/4BA, 2-story Craftsman with 2BR on 1st floor and 3 bedrooms on 2nd floor and built in 1921. Large kitchen w/Quartz countertops and Breakfast Nook, Formal Dining Room, Living Room w/decorative fireplace mantle (not operational). All refinished hardwood floors on 1st floor. New laminate flooring throughout 2nd floor. Laundry Room w/washer and dryer connections. All Bathrooms have been fully remodeled w/new tub/shower, sinks, flooring and shower glass. 2nd floor Balcony off one of bedrooms, large basement and storage space with access from hallway door. 1-Car Detached Garage w/automatic door opener w/separate alley access + Carport (2-cars) currently being used as a backyard cover. Mature avocado tree in spacious & private fenced yard. Systems: New Electrical, recessed lighting throughtout, new wall heater, copper plumbing, ABS sewer, and front auto sprinklers. *** DUPLEX (in rear and accessbile via alley) is 2BR/1BA each and built in 1965 (3514 Apt #1 - 1st floor and 3514 Apt #2 - 2nd floor). Spacious Bedrooms with custom closets, Living Room with lots of windows and sunlight, Kitchen w/Dining Areas in each. 1st flloor unit has its own Laundry Connections and wrap-around Yard space. 2nd floor unit has its own private backyard (behind parking) with large storage shed. Hardwood Floors at Apt. #1 and new laminate flooring in Apt. #2. 2 Parking spaces for back duplex. Entry to units is via alley (to the left of front SFR). 3514 Apt #2 (top floor) has been fully remodeled (Oct 2024) with New Flooring, Recessed Lighting in all rooms, New Bathroom (w/3/4 shower), and fully remodeled Kitchen with new cabinets & quartz countertops *** 3512 and 3514 Apt 2 are under City of L.A. RSO. Tenants last received rent increase of 4% Feb. 1, 2024. Property will be delivered with current tenants, except for 3514 Apt #2 which will be delivered vacant. Get legal advice as to what your buyer's option are to evict if plan is to occupy. Sellers will not evict, nor give credit for relocation and/or legal costs. Area has had a lot of development recently and good investment for development (Zoned RD1.5)
Source: CRMLS #P1-20109
Financials
Source: Public records
Source: CRMLS #P1-20109
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.
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