Beautiful custom-built brick Georgian home in desirable Heartland Circle! Gleaming oak hardwood floors greet you in the light filled 2-story foyer and flow through to the formal dining room, kitchen, and eating area. Main floor Living Room/Den with French doors, crown molding and closet. The formal dining room has a big bay window, crown molding and adjacent Butler's pantry. You will love the oversized kitchen with custom cabinetry that includes a buffet area with glass front cabinets, island with a 'prep' sink, solid surface countertops, SS appliances, crown molding, recessed lighting and big eating space with an atrium door to the patio and fenced yard. The cozy family room has a floor-to-ceiling brick fireplace, box bay window, crown molding, and recessed lighting. Main floor laundry/mud room with access door to garage and yard. Main bedroom suite offers a tray ceiling, walk-in closet with built-in organizer and luxury bath with dual sink vanity with make-up area, whirlpool tub, and separate shower. Three secondary bedrooms all with walk-in closets. Full hall bath with dual sink vanity and private shower/tub & commode. Full basement with abundant storage. Wrought iron fenced back yard with patio. 3 car side load heated/cooled garage. Convenient location is only a block from neighborhood park and just a few more to the Fox River! Rte 47 and 34 are close by too!
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.
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.
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.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
Yes. Non-veterans can assume a VA loan, provided they meet the lender’s VA criteria. When a qualified buyer assumes a VA mortgage from a veteran or active-duty service member, the seller’s VA loan entitlement remains tied to the assumed loan until the buyer pays off or refinances the loan. This process restores the veteran seller’s entitlement, enabling them to use their VA benefit for a future home purchase.
Yes. All FHA loans are assumable by law as long as the buyer meets the FHA’s credit, income, and qualification requirements and obtain lender approval before assuming the loan (per FHA regulations effected December 15, 1989). Roam makes this process simple for buyers.
Generally, conventional loans are not assumable. In rare cases, a conventional loan may be assumable with lender approval. Use our search tool to find homes with assumable low-rate loans, or reach out to us if you’d like to confirm a specific home’s assumability.
