A rare canvas and exceptional investment opportunity in the heart of Harbor Countryin Lakeside, where quiet roads wind past fairways and forest, an uncommon opportunity awaits directly across from the storied Chikaming Country Club. Positioned on one of the area's most desirable and supply-constrained corridors, this nearly 3,000-square-foot residence sits on nearly three-quarters of an acre and is embraced by 15 acres of protected preserve - a setting that offers both enduring privacy and strong long-term value.Fully taken to the studs, the home stands ready for reinvention. The existing tri-level footprint supports a four-bedroom, three-bath layout with an attached two-car garage, offering a versatile framework for a bespoke retreat, luxury spec build, or thoughtfully curated resale project.The property presents a true redevelopment opportunity, with improvements typical of a comprehensive renovation or new-build caliber project anticipated, includingutilities, waterproofing, windows, roof, electrical, plumbing, insulation, and complete kitchen and bath installations. For the right buyer, this creates the freedom to design and execute a home to today's standards and aesthetic expectations. Outside, the landscape unfolds as a private sanctuary. Mature trees frame an open lawn with ample room for a future pool, guest house concept, garden terraces, or expansive outdoor living amenities increasingly sought by Harbor Country buyers. With protected land beyond, the natural backdrop remains serene and preserved. The lifestyle offering is equally compelling. Days begin with a ride along the new bike path, afternoons drift toward the sugar-sand shores of Pier Street's township beach, and evenings are spent enjoying the area's beloved dining, farm stands, and boutiques. Just over an hour from Chicago, yet a world away in pace, the location continues to see steady demand from both weekend and year-round buyers seeking refined escapes. For those who value place, privacy, and potential, this is more than a renovation or
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.
