547 N Farrell Dr, Palm Springs, CA 92262
3 beds · 2 baths · 1,360 sqft
Price improvement, don't miss out! This beautifully remodeled Mid-Century Modern Meiselman home is just minutes from downtown Palm Springs. Check the calendar of events and make this your next full-time or part-time home. Short-term rental permits are currently available and buyers are encouraged to check with the city for more details. Just 2 hours door-to-door from the beaches of LA. Situated on a 10,000+ square foot lot, this home is a true gem, ideally located near shopping, dining, and all the best that Palm Springs has to offer. Such a great opportunity! Every detail has been thoughtfully upgraded, offering a perfect blend of style and comfort in an open-concept living space filled with natural light. The home seamlessly flows to an incredible outdoor oasis, ideal for relaxation and entertaining. Featuring the iconic butterfly roof, this home includes 3 bedrooms, 2 bathrooms, air conditioning, and designer finishes throughout. The oversized island in the kitchen is perfect for gatherings, while the stunning fireplace adds a touch of elegance. Large windows and sliding doors open to the swimming pool, hot tub, lawn, and fire pit area, making the outdoor living just as exceptional as the indoor space. The property also offers convenient features such as a gated RV pad, a two-car garage, ample guest parking in the driveway, and the potential for an ADU. The expansive lot allows for plenty of outdoor activities. Each bedroom has private access to an outdoor patio, enhancing the indoor-outdoor living experience. Whether you're looking for a weekend retreat, a year-round residence, or an investment property, this home is it. It's perfectly suited as a primary home, vacation home, short-term or long-term rental with significant income potential.
Source: CRMLS #SB25029983
Financials
Source: Public records
Source: CRMLS #SB25029983
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.