LOCATION, LOCATION, LOCATION! Opportunities like this rarely come available in one of the most sought-after locations in all of St. Charles. Nestled on the highly desirable west side of the Fox River and directly across from iconic Mount Saint Mary's Park, this beautifully updated ranch offers an unbeatable downtown lifestyle where everything you love is just steps from your front door. Enjoy easy access to the Fox River Trail, award-winning restaurants, charming boutique shops, riverfront activities, community events, and all the excitement that historic downtown St. Charles has to offer. Families will appreciate being served by highly acclaimed St. Charles School District 303. Originally built in 1952, this move-in ready home has been thoughtfully transformed with extensive improvements throughout. A substantial addition completed approximately 8-10 years ago expanded the living space and created a private retreat overlooking the backyard oasis. The open-concept floor plan offers comfortable everyday living, highlighted by rich hardwood flooring, abundant natural light, and seamless flow between the living and kitchen areas. The kitchen was completely reimagined and opened to the main living space, featuring updated countertops, flooring, and a full suite of state-of-the-art stainless steel appliances, including a newer refrigerator and dishwasher. The bathroom is spectacular and showcases exceptional tile craftsmanship and designer-inspired finishes that create a true spa-like experience. Major mechanical and structural updates provide peace of mind, including a newer roof (approximately 5 years old), newer siding, newer furnace, newer air conditioning system, updated electrical and wiring, updated plumbing, heated garage and numerous additional improvements throughout the home. Step outside and discover your own backyard paradise. Professionally landscaped grounds, a private rear deck, and a fully fenced yard create the perfect setting for relaxing, entertaining, or simply enjoying the peaceful surroundings. The addition's retreat space opens directly to the deck, offering beautiful backyard views and a wonderful connection to the outdoor living areas. Featuring 2 bedrooms, 1 beautifully updated bath, 841 square feet of thoughtfully designed living space, a 1-car garage, and a crawl space for additional storage, this home combines charm, modern updates, and an irreplaceable location that simply cannot be duplicated. Walk to downtown. Walk to the river. Walk to the park. This is St. Charles living at its finest.
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.
