Nestled on a generously sized lot in the sought-after Rainbow Hills neighborhood, this lovingly maintained hillside ranch offers the perfect blend of privacy, natural beauty, and everyday convenience. Surrounded by stunning mature trees and set back in a serene, storybook setting, this St. Charles gem feels like a peaceful retreat, yet you're just minutes from town, shopping, dining, and everything you need. Step inside and instantly feel at home. The main level features beautiful hardwood flooring flowing through most of the space, creating a warm and welcoming backdrop. The bright kitchen offers a pantry closet, a good amount of counter space, and a cozy spot for your breakfast table. Just beyond, the dining and living rooms are framed by fabulous picture windows that capture the tranquil landscape and let natural light pour in year-round. Down the hallway from the living room, you'll find one of the home's most delightful surprises: an enclosed screened porch. Perfect for summer and fall nights, this peaceful space invites you to unwind, listen to nature, and stargaze. With 4 bedrooms, two on each level, and 2 full baths, this home offers incredible flexibility. The walkout basement features a spacious family room anchored by a wood-burning fireplace and a large picture window that keeps the room sunny and inviting. Each level has its own exterior entrance and driveway, making this an ideal setup for an in-law arrangement, a guest suite, or simply giving everyone their own sense of space and privacy. A generous utility room houses a laundry space, mechanicals, and a handy workbench, perfectly designed for projects, storage, and everyday function. The detached two-car garage is conveniently located off the lower driveway, while the upper driveway leads to a charming patio area-perfect for morning coffee or peaceful evenings outdoors. Nature lovers will be in awe of this property. Majestic oaks and towering evergreens provide year-round beauty, while friendly visitors like deer, foxes, and songbirds make this yard feel like a private nature preserve. With its flexible layout, gorgeous lot, screened porch, and unbeatable location within the award-winning St. Charles School District, this home offers comfort, character, and endless possibilities. Come experience the charm of Rainbow Hills and prepare to call it HOME!
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.
