7715 Irwin Ave, Palermo, CA 95968
4 beds · 3 baths · 2,500 sqft
Two Homes on One Lot – Ideal for Multigenerational Living! This rare and versatile property offers two separate homes on a spacious ½-acre lot—perfect for extended family, rental income, or extra space to spread out, garden, or start a little homestead! The first home is a cozy 2-bedroom, 1-bath single-family residence with approx. 1,100 sq ft and a bonus office area—ideal for remote work or hobbies. Just across the lot, the second home is a more spacious 2-bedroom, 2-bath manufactured home with its own dedicated office space, and is approx. 1,400 sq ft. It sits on a permanent foundation, making it fully lendable and financing-friendly! Between the two homes sits a large detached garage—great for parking, storage, or even a workshop setup. The manufactured home has solar and features new laminate flooring, and both homes (plus the garage) have fresh exterior paint, giving the property an updated, clean feel. Located within walking distance to the local park and elementary school, this property is a great fit for families with kids, investors looking for a smart opportunity, or anyone hoping to keep loved ones close with space for everyone. The expansive lot provides plenty of room to garden, play, or enjoy the outdoors. Would be perfect for a pool too! Make an appointment with your favorite Realtor to see it today!
Source: CRMLS #SN25057399
Financials
Source: CRMLS #SN25057399
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.