Say goodbye to endless hours of exterior maintenance and hello to relaxation with this low maintenance 3BR, 2BTH, nearly 1400 SqFt home in the heart of Peotone! Head inside to find a bright, open floor plan adorned with classy light fixtures and neutral walls that provide the perfect blank slate for your personal decor. The heart of the home is a massive eat-in kitchen beautifully anchored by hand-scraped, pre-finished luxury wood laminate flooring. This impressive space comes complete with a breakfast bar island, granite countertops, an undermount sink with a high-arc retractable faucet, all stainless-steel Frigidaire appliances included, and tons of beautiful mocha raised-panel cabinets. That rich cabinetry is carried seamlessly into both full bathrooms, showcasing a highly cohesive design. Both baths boast tubs wrapped in modern 12" x 24" travertine-look porcelain tiles that span from the floor to the pristine tub-to-ceiling shower surround, beautifully accented by a custom, multi-toned horizontal mosaic inlay. Each of the bedrooms offers plenty of closet space and open wall space for flexible furniture arrangements. Practical features abound, including a whole-house fan, an extra-deep crawl space, and a nice-sized garage complete with an epoxy floor, separate service door, and pull-down stairs to the attic. Sliding glass doors effortlessly extend the living space outdoors, leading to a relaxing patio that overlooks your large, lush green yard. For added peace of mind, the seller is including a 1-year home warranty! Situated just minutes from Peotone's recently completed downtown streetscape project, you'll love exploring the historic, slow-paced downtown filled with local shops, an ice cream shop, pizzerias, a coffee house, and lively bar & grills. Enjoy a vibrant community life with parks, trails, tennis/pickleball courts, playgrounds, the local farmers market, car shows, and the famous Will County Fairgrounds. With everyday conveniences nearby-from schools and grocery stores to healthcare-and a strategic location along the I-57 corridor just 15 minutes to the major retail and dining hub in Bourbonnais, 15 minutes to the Metra, and 50 minutes to Chicago, this home offers the perfect blend of small-town charm and incredible area convenience. Unpack, settle in, and start loving your new 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.
