SMALL TOWN LIVING at its best! Momence is a GOLF CART COMMUNITY! Benefits include the DOUBLE LOT measuring 110'x156' with part of it being FENCED IN. The home has AT LEAST 3 BEDROOMS with a room in the back that can be used as AN OFFICE, playroom or a 4th bedroom, if needed. And a BEDROOM ON THE MAIN FLOOR with a bathroom and utility room off of it. Also a large 2.5 CAR HEATED GARAGE measuring 29'5" side and 23'10' deep. When you first walk through the FRONT DOOR you enter the living room with HARDWOOD FLOORS under the NEW CARPET. The living room FLOWS into the dining room with NEW CARPET and HARDWOOD FLOORS underneath. The dining room has a built in CHINA CABINET taking up an entire wall for LOTS OF STORAGE! THE KITCHEN has just been UPDATED with NEW APPLIANCES AND COUNTERTOP. Straight back is ANOTHER ROOM that has been used as a bedroom by the last 2 owners and can used as AN OFFICE or something else. Just off the dining room is a SPACIOUS MASTER BEDROOM with a bathroom attached with the WASHER AND DRYER for convenience. Upstairs are 2 MORE BEDROOMS and another bathroom. The BASEMENT has a 50 gallon water heater and Lennox HIGH EFFICIENCY FURNACE. The HEATED GARAGE off the alley is very large and PULL DOWN STAIRS to an attic. It also has countertops for a WORKSHOP. Also there is a PATIO in front of the garage for RELAXING with family or friends! Also just a short GOLF CART RIDE to BERKOTS, car wash, 3 parks, the KANKAKEE RIVER, downtown for other ACTIVITIES AND ENTERTAINMENT and other conveniences. You can also walk to the the GLADIOLUS FESTIVAL PARADE ROUTE! Some other NEARBY HIGHLIGHTS include Momence Railroad Depot, EARL SHOEFFNER FARM MUSEUM, Graham Historic House & Museum, PIZZA STONE, Silver Dollar Restaurant, Wikstrom Manor, ALL AUTOMOTIVE, MUNICIPAL BANK, Southside Meats and more! FutureCeuticals, Silva International, Van Drunen's and more for good jobs. EVENTS include ORBERT DAVIS' Jazz and Family Festival, Gladiolus Festival, Cruise Nights, MUSIC IN THE PARK, Driving The Dixie, Momence Heritage Day, 4TH of July fireworks, the ANNUAL CHRISTMAS GATHERING and more! You'll fall in love with the downtown which has been filmed in ROAD TO PERDITION, Fargo and Monster. You'll also love the quaint OLD HOMES which make up most of the city! Less than 15 minutes to I-57 and just a little more than 20 minutes to I-394 to get to CHICAGO and all the culture it has to offer! MOMENCE is within 15 minutes or less to Bradley, BOURBONNAIS, Grant Park, Manteno or the INDIANA state line. Also, within an hour to Grant Park in CHICAGO! Present owners love the SMALL CLASS SIZES in the school district! FINISHING WORK will be done after photos were taken in kitchen and front bedroom so HOME MAY LOOK BETTER IN PERSON than the photos represent. Ask for 1 year AHS brand HOME WARRANTY! START PACKIN'!
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.
