506 Patricia Ave, Chula Vista, CA 91910
2 beds · 1 baths · 1,245 sqft
Stunning Single-Story Home with Over $60,000 in Upgrades! This charming 2-bedroom, 1-bathroom residence offers 1,245 square feet of living space, a 1-car garage, and sits on a generous 8,100 square foot lot. Upon entering, you’ll be greeted by beautiful Porcelain Tile Flooring throughout, complemented by exposed wooden beams in both the Dining Room and Family Room, adding a touch of warmth and character. The upgraded kitchen is a true highlight, featuring sleek Stainless Steel Appliances, elegant Quartz Countertops, and an bartop perfect for casual meals. Adjacent to the kitchen is a Butler’s Area with additional Quartz Countertops and ample cabinet storage, providing extra workspace for meal prep or organization. The open layout seamlessly connects the kitchen to both the Living and Family Rooms, making entertaining a breeze. Throughout the home, split units offer both air conditioning and heating, while dual-pane windows enhance energy efficiency and comfort. Step outside through the sliding glass door to your private backyard oasis, where a covered patio wraps around the home, ideal for family gatherings or socializing with friends. The outdoor fireplace, complete with a cozy sitting area, is perfect for cooler evenings, while the heated spa and swimming pool offer year-round enjoyment and relaxation. The backyard also features a dedicated play area, two storage sheds, and a doghouse—ideal for pet owners! The partially fenced lot ensures privacy while providing a serene space to enjoy the starry nights. Conveniently located near schools, major highways, and within walking distance to the Chula Vista Mall, as well as a variety of shops and restaurants, this home offers both comfort and convenience. Don’t miss out on this exceptional opportunity!
Source: CRMLS #PTP2502184
Source: CRMLS #PTP2502184
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. When you apply for the loan, you must attest that the home will be your primary residence for 12 months to be approved for an FHA assumption. Most lenders will ask that you move in within 60 days.
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 “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.
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 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 of Equal Opportunity Act.