Welcome home to this beautifully updated 4BR, 2.5BA two-story in The Oaks at Irish Prairie, set on a large, professionally landscaped lot in McHenry. The open-concept main floor features luxury vinyl plank flooring, modern neutral decor, and shiplap accents that add just the right amount of character, with an inviting living room plus a spacious family room for everyday living and entertaining. The front room has been thoughtfully set up as a home theater, complete with dedicated 30-amp power lines for the outlets to support high-performance audio and visual equipment. The heart of the home is the eat-in kitchen with quartz countertops, designer cabinetry, stainless steel appliances, a center island with breakfast bar, walk-in pantry, and a dining area with a slider leading out to the backyard deck. Upstairs, you'll find a versatile loft, a convenient second-floor laundry room, and a generous primary suite with a walk-in closet and private bath featuring a double bowl vanity, separate shower, and soaking tub. Built by D.R. Horton Chicago, this home also includes America's Smart Home Technology with a video doorbell, security system, and reverse osmosis system, along with additional electrical lines run into the garage for future power needs, a full walkout basement, covered front porch, and an attached two-car garage. A move-in-ready home that blends modern style with smart, functional living.
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.
