1815 College Green Dr, Elgin, IL 60123
3 beds · 2 baths · 1,456 sqft
Welcome to 1815 College Green- located in one of what is becoming one of Elgin's most sought after areas! This sun filled bright & charming 3-bedroom, 2-bathroom home offers a peaceful oasis, with close proximity to everything you need! You will see it is in the College Green neighborhood, with wonderful highly regarded schools. It has a fantastic yard and Wing Park is just around the corner, offering green spaces, playgrounds, and recreational activities. Commuters will love the quick access to major highways and nearby Metra stations. Shopping, dining, and entertainment are also close by at the Randall Road shopping corridor, Elgin's vibrant downtown, and the prestigious Elgin Country Club all just minutes away. Also for your enjoyment there is the convenience of nearby restaurants, cafes, and cultural events. Elgin has so much to offer! This suburban lifestyle home features an open floor plan with a sunny and brightly lit living room to a generous kitchen and eating area. The eating area opens up to a large deck and large fenced in backyard. It will be ideal for those many outdoor summer BBQs and gatherings. The lower level features a cozy family room that will be perfect for game nights and entertaining as well as offering an additional room which could be used as a third bedroom, home office, study, yoga room, craft room - your choice. Upstairs, there are two bedrooms and a full bathroom to provide ample space for everyone. This home is well situated for those who value both comfort and convenience. With everything from parks and schools to shopping and entertainment just a short drive away, you won't want to miss out on this wonderful home.
Source: MRED #12310309
Source: MRED #12310309
To qualify, you must meet the current FHA or VA 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.
FHA (Federal Housing Administration) loans
FHA loans require the buyer to assume the mortgage as a primary residence.
VA (Veteran's Affairs) loans
You don't have to be a veteran to assume a VA loan. However, not all veterans are willing to let a non veteran assume their mortgage. Roam confirms the seller's willingness prior to you making an offer.
Investors
You may be able to assume a VA mortgage as an investor without it being your primary residence.
What 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.