WELCOME TO 340 SAUK TRAIL, a 3 or 4-Bedroom, 2-Bath, Single-Level RANCH-STYLE home with many updates & improvements within the last 5 years: NEW ROOF ~ WINDOWS (except for Living Room) ~ NEW GUTTERS ~ NEW GARAGE OVERHEAD DOOR ~ PAINTED EXTERIOR ~ TWO (2) COMPLETELY REMODELED BATHROOMS ~ NEW RECESSED LIGHTING ~ ALL NEW VINYL PLANK FLOOR TILE ~ NEW CARPET IN BEDROOMS ~ NEW 2-PANEL DOORS ON THE BEDROOMS ~ NEW CLOSET DOORS ~ NEW REFRIGERATOR, RANGE, MICROWAVE and DISHWASHER ~ NEW KITCHEN BACKSPLASH ~ NEW COPPER LINES FROM C-BOX TO MAIN WATER LINE. ----- This Home offers a GREAT LAYOUT that is perfect for daily living and entertaining, and the VERSATILE FLOOR PLAN offers flexible options depending on your Living Space/Bedroom needs. (Some photos have been virtually staged to help you envision a furnished space!) The L-SHAPED LIVING ROOM / DINING ROOM is quite spacious and boasts a lovely view of the backyard. Steps away is the KITCHEN which includes a good amount of cabinets and counterspace...set-up a cute bistro table for quick meals on the go! Just off the Living Room is a HUGE FLEX SPACE (think FAMILY ROOM or BEDROOM 4) with an ATTACHED TANDEM ROOM that could easily become the ULTIMATE WALK-IN CLOSET or a convenient HOME OFFICE. ----- The SHARED HALL BATH connects the Flex Room to the living area, and then tucked away down the hall you'll find 3 BEDROOMS each with a good closet and one with an attached 3-PIECE BATHROOM (nice!). ----- Step outside and see that the BIG BACKYARD is perfect for kids, pets, & gardening! Rounding out this home is the LAUNDRY / MUDROOM which provides a good buffer between the house and the 1-CAR ATTACHED GARAGE...drop all your bags, coats, and shoes here! ** GREAT LOCATION ~ just minutes away from the expressway, Metra, and local schools, restaurants & shopping. ----- Come see why this house should become your next HOME SWEET HOME, or perhaps your next INVESTMENT PROPERTY!
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.
