Tastefully updated sprawling ranch set on a private and picturesque 2.5-acre homesite with a separate guest house-an exceptional and rarely available opportunity. From the moment you enter, you'll appreciate the thoughtful floor plan, crown molding, and quality craftsmanship throughout. The welcoming foyer opens to a formal living room with a focal-point fireplace and direct access to the formal dining room, perfect for entertaining. The beautifully updated kitchen features an abundance of custom cabinetry, quartz countertops, eye-catching backsplash, an informal eating area, and access to the screened porch overlooking the peaceful natural setting. The kitchen flows seamlessly into the spacious family room with a custom stone fireplace. Additional main-level highlights include a charming knotty pine library with built-in shelving, a first-floor office with exterior access-ideal for working from home-and a private bedroom wing with pocket door leading to four generously sized bedrooms. An updated hall bath offers a double-bowl vanity. The primary suite features 9-foot ceilings, a large walk-in closet, direct access to the backyard, and a spa-style bath with double vanity, oversized walk-in shower, tasteful tilework, and custom built-ins. The finished English basement provides excellent additional living space with a wet bar, electric fireplace, theater or exercise room, and full bath. Outdoors, enjoy a beautifully landscaped backyard complete with koi pond and waterfall, firepit area with built-in seating, and an entertainment-sized composite deck. The fully functional guest house offers incredible flexibility for guests, extended living, work-from-home, or home schooling and includes a full kitchen, vaulted great room with beam accents, bedroom (with potential for a second), and full bath. Additional features include a workshop, ample storage, covered parking area, and oversized two-car garage. Ideally located close to major roads, Metra access, shopping, dining, and trails. Truly one of a kind-nothing else like it on the market.
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.
