401 E San Rafael Dr, Palm Springs, CA 92262
3 beds · 2 baths · 1,475 sqft
Imagine escaping to your own private oasis in the desert, where the warm sun meets the tranquil ambiance of your welcoming home. This move-in ready property sits on a large lot, providing ample space to relax in style. The private backyard features a sparkling pool, perfect for cooling off on hot desert days, a spa, and plenty of entertaining space. As you step inside, you'll be greeted by a beautifully designed interior, complete with modern amenities and sleek finishes. The recently redone stunning kitchen features stainless steel appliances, gorgeous tile floor, recessed lights, modern open shelving and quartz countertops. A wine fridge by the bar counter makes the open floor plan ideal for gatherings. Unwind in the spacious primary bedroom that has a gorgeous en-suite bathroom, walk-in custom closet and easy access to the pool area. Two additional guest bedrooms are generous in size and share a remodeled bathroom. A stunning front yard with privacy hedges has many options for entertaining. A large two car garage with a convenient direct entry and storage shed in the yard completed this home. Ideally located near shops and restaurants, you will have an abundance of dining options and entertainment. Great potential for short term rentals with proven history available upon request. No HOA and no land lease. Owned solar panels and electrical car charger. Whether you're looking to entertain, relax, or simply call the desert your own, this incredible home has everything you need to live your best desert life. Short Term Rentals allowed. Part of ''Upper West Side'' with a 12.54% saturation as of 8/24, check with city for confirmation, this is a great benefit of this street in particular. Has been a very profitable STR for the owners.
Source: CLAW #25509401
Why Roam
Lower rates and lower down payments
The only homebuying option for you to put 5% down and get a 5% rate.
Closing guarantee
We can close in 45 days or we’ll pay the seller’s mortgage until we close.
Offer acceptance
95% of offers accepted when made with Roam. 5% accepted without.
Have questions? Email support@withroam.com
Source: Public records
Source: CLAW #25509401
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.