520 S Concord St, Los Angeles, CA 90063
4 beds · 2 baths · 1,356 sqft
Updated and VACANT, presenting two charming bungalow style duplex units in Boyle Heights with OWNED solar panels! The front unit is a 2 bed, 1 bathroom floor plan with private front patio space. A lower bonus area with newly installed wall HVAC system is perfect as a gym or creative space, plus separate laundry area. Privately situated, the sunny and upgraded 816sf "Owner's Unit" features two bedrooms, one bathroom, and large living room and kitchen with convenient laundry and utility area. The living room and kitchen flow to a large back deck with pergola and wraparound yard space, a wonderful place to unwind and take in lovely LA sunsets to the west. This standalone bungalow plus front cottage offer a perfect opportunity for owner/users who would live in the back unit and offset their monthly mortgage with rental income! An added bonus is the owned Tesla solar panels which help reduce electrical costs. The fully fenced and gated property features a mature avocado tree and citrus trees, plus large concrete pad for future yard space expansion. **This property qualifies for a grant for first time home buyers of up to $20,000, with downpayment as little as 5%, offering a substantial opportunity through City National Bank's Ladder Up program- contact Listing Agent for details, Buyer must qualify. **
Source: CLAW #25513859
Financials
Source: CLAW #25513859
Source: Public records
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%. 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.
Other resourcesWhat 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.