Owners are in residence. That being said, Welcome to this exceptional 5-bedroom, 2.5-bath home in Montgomery, IL - offering 2,273 sq ft of versatile living space at just $189/sq ft, in one of the most desirable school districts in the entire Chicagoland area. Award-Winning Oswego District 308 Schools This home sits within the highly coveted Oswego Community Unit School District 308 - consistently ranked among the top school districts in Kane and Kendall Counties. District 308 is known for its rigorous academics, strong extracurricular programs, and dedicated teachers who go above and beyond. For families, this is one of the most valuable zip codes you can buy into, and this address delivers it. Great walking and biking trails are right outside your door, and you're just minutes from shopping and expressway access. Space That Works for Every Family Five true bedrooms means everyone gets their own space - home office, guest room, playroom, or nursery. The open main floor with 9' ceilings flows naturally between living, dining, and kitchen areas. The bright living and dining room features laminate floors, a first-floor den, and a huge kitchen with a custom island, all appliances included, ceramic tile countertops, an impressive backsplash, and a pantry with built-ins. The master suite includes a private updated bath and walk-in closet. The Basement - Your Equity Waiting to Happen The partial basement with concrete crawl space is ready to be finished - already waiting to become a rec room, media room, in-law suite, or additional bedrooms. This is the kind of upside most buyers search for and rarely find at this price point. Finish it and instantly add $40K-$60K in value. Parking & Outdoor Living Covered The attached 2-car garage with full driveway handles all your vehicles, storage, and gear with ease. Outside, relax on the paver patio with a soothing fountain or sit on the front porch and enjoy the neighborhood. Everything a growing family needs is already here - the space, the schools, the neighborhood, and the potential. All that's left is making it yours. Homes with this footprint in District 308 don't last. Schedule your private showing today.
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.
