Location truly sets this one apart. This beautifully upgraded 4 bed, 3.5 bath corner-lot home sitting in top rated Prospect/South/Windsor schools is just steps away from vibrant downtown Arlington Heights and nearby Recreation Park. This Chicago suburb has become one of the hottest cities in the entire country following the Chicago Bears' recent purchase of Arlington Park racetrack. Completely expanded in 2021 with a full two-story addition and basement, the home offers a rare, highly functional layout filled with natural light from the generous Pella windows throughout. The main level features an open-concept design with hardwood floors, a welcoming rear foyer with built-in cubbies, a stunning wood-burning premium fireplace, and a convenient half bath. The updated kitchen is equipped with white shaker cabinets, quartz countertops with breakfast bar seating, sliding pantry storage, WiFi-enabled stainless steel appliances, and a stylish dry bar with beverage fridge. Upstairs, you'll find four spacious bedrooms with French door closets, solid core doors, plush carpeting, a guest bath with jetted tub, and convenient second-floor laundry. The primary suite includes dual vanities, a beautifully tiled shower, and a smart LED mirror. The lower level offers a partially finished rec space with bright egress windows, a full bath, office, under-stairs playhouse, storage room with sump pump and drain tile, and an additional laundry area. Enjoy outdoor living from the covered front porch or the expansive side deck overlooking a newly fenced yard with freshly planted landscaping. A detached two-car garage with concrete driveway and new basketball hoop completes the package. Major upgrades include newer roof, Hardieboard siding, gutters, buried 200-amp electrical, new copper water line, overhead sewer, radon mitigation system, South end privacy windows, dual-zone HVAC, motorized shades, and a gas-start guillotine fireplace capable of heating the main level. All of this in an unbeatable walk-to-everything location. Downtown Arlington Heights offers its famous outdoor "Al Fresca" dining, shopping, farmers markets, Metra train access, public library, and more. Nearby Recreation Park features a new playground, basketball and tennis courts, a skate park, and a new pool and community center are currently under construction. The park hosts the popular Frontier Days Summer Festival, and the home is perfectly positioned along the 4th of July parade route, offering a front row seat to a neighborhood favorite event.
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.
