Step into this beautifully maintained 2-bedroom, 1.5-bath condo in the desirable Wildberry subdivision of Streamwood. The main level welcomes you with brand-new flooring and a semi-open concept living and dining area, perfect for entertaining. The kitchen features a convenient pass-through window into the living room, granite countertops, a newer KitchenAid refrigerator, and a laundry area with newer GE washer and dryer, conveniently located next to the garage entrance. Upstairs, both bedrooms are carpeted and offer ample space, with the primary suite boasting a walk-in closet and a luxurious full bathroom complete with dual sinks, a tub, and a beautifully tiled shower. Closets throughout the home are outfitted with California Closet organizers for maximum functionality. The half bath on the main level has been updated with a new vanity and toilet, while the full bath was completely renovated two years ago with new tile, tub, vanity, and toilet. Step outside to your oversized extended patio, the largest in the neighborhood, perfect for relaxing or entertaining, highlighted by charming brick surround detailing. Additional updates include a new garbage disposal, and new AC and furnace units, while original windows have been updated with new springs and internal hardware for smooth operation. This home combines comfort, style, and convenience in a prime location close to shopping, dining, and top-rated schools. Don't miss out on this perfect space to call your own!
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.
