4318 Franklin Rd, Santa Maria, CA 93455
3 beds · 2 baths · 1,835 sqft
Get a free consultation call with an expert in the mortgage assumption process.
Nestled in a well-maintained and tranquil neighborhood in the coveted community of Orcutt, this single-level home on an extra-large parcel is ready for move-in! Three generous bedrooms and two updated baths on a nearly 12,000 square foot usable parcel. The home is light and bright, with split-living spaces – head right for the formal living room boasting a bay window and soaring vaulted ceilings -- and roomy formal dining -- or left to the cozy family room with gorgeous natural tongue-and-groove vaulted ceilings, fireplace and sliding door to the backyard. Meet in the middle for an open-concept kitchen complete with stone counter tops and a darling breakfast nook boasting built-in bench seating tucked into a bay window. Plenty of kitchen storage with an added reach-in pantry. Spacious master suite also features vaulted ceilings and plenty of closet and linen space as well as its own private access through a French door to the large back patio. Step in to the backyard oasis with water feature, beautiful oaks and mature lime, plum and peach trees as well as a secure dog run or chicken coop area. Indoor laundry with wash basin and folding space. Extra deep garage with tons of storage shelving. Fully fenced with a storage shed on a concrete slab -- plus covered RV Storage on the North side of the home – or potentially access to the backyard or a future secondary building? Confirm with County.
Source: CRMLS #PI25090607
Source: CRMLS #PI25090607
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.