Tucked away on a quiet dead-end street in unincorporated West Chicago, 29W264 Lee Road is the kind of home that gives you a little more space, a little more privacy, and a lot more peace of mind. This raised ranch has been well cared for and thoughtfully updated where it matters most. The main level features hardwood floors throughout, great natural light, and a comfortable layout that just makes sense. The kitchen includes updated smart appliances from 2021, including the refrigerator, stove, dishwasher, and microwave, adding everyday convenience without overcomplicating the home. The finished basement gives you that extra living space everyone is looking for, whether you need a family room, office, playroom, workout area, or a little bit of everything. The home is also smart connected in all the right places, with smart washer and dryer, smoke detectors, and CO2 detectors. The solar power system can also be monitored remotely, giving the next owner an easy way to keep an eye on performance and energy production. The big-ticket items are a major win here. Full roof tear-off in 2024. Full septic replacement in 2024. Furnace in 2021. Two sump pumps, with one replaced in 2021 and the other in 2026. Water heater in 2022. Washer and dryer in 2020. The solar system also transfers free to the new owner, with no lease to take over. Between the private well, private septic, and solar setup, the home has the added benefit of minimal monthly costs for water, sewer, and electric, adding to this home's affordability! The location is another big part of what makes this one special. You get the quiet feel of an unincorporated, non-through street, but you are still close to highway access, Metra stations, shopping, restaurants, parks, and multiple downtown areas. If you have been looking for a home that feels peaceful, practical, connected, and already has the expensive stuff handled, this one is absolutely worth a look.
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.
