1160 Prairie Pointe Dr, South Elgin, IL 60177
4 beds · 3 baths · 3,324 sqft
The absolute best location in the subdivision! This well cared for home backs to open space and South Elgin High School and Kenyon Wood Middle School are just minutes away! Gorgeous laminate hardwood floors greet you at the door and flow throughout the main floor. The large living/dining room combination offers beautiful natural light and a great space for entertaining. You will love the kitchen with dark stained cabinets, granite c-tops, stunning SS appliances and an eating space with a slider out to the patio with amazing views, which all opens to the spacious family room with a fireplace. The main floor den has endless possibilities. A primary retreat awaits you with 2 big walk-in closets and luxury bath with dual sinks, big soaker tub and separate shower. There is a substantial open space upstairs which could be a 2nd family room! Three more bedrooms a full hall bath with dual sinks and a nice size laundry room with sink complete the 2nd floor. There is a full basement with abundant storage too! The large yard has a patio and offers views of the wonderful open space all around. The Fox River Trails, shopping and dining are nearby as well. Come and see your next home before it's gone!
Source: MRED #12203332
Financials
Source: MRED #12203332
Source: Public records
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%. 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.
Other resourcesWhat is Roam?
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.
What is an assumable mortgage?
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.
Why is an assumable mortgage valuable?
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.
How can you find assumable mortgage listings?
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 “Get Notified” 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.
How do I qualify for an assumable mortgage?
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.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.