204 Fairwind Dr, Montgomery, IL 60538
2 beds · 2 baths · 1,544 sqft
Get a free consultation call with an expert in the mortgage assumption process.
Absolutely BEAUTIFUL and very well maintained RANCH home in popular Lakeside Seasons Ridge is ready for you to call it home. Lovely, neutral decor and in excellent condition. Fall in love at first sight, trust me! Don't you love the cozy front porch? What a great place to begin the day on a warm summer morning. Step inside and be captivated by all this home has to offer. Spacious living room with large windows overlooking the front yard. Updated kitchen with 42' upper cabinets, solid surface counter tops (plenty of them, too!) and a beautiful backsplash! All appliances are included as well! The family room and eating area flow together and make for a great entertaining space. There are two bedrooms and two full baths on the main floor, each with a great amount of closet space. The laundry is located on the main level for your convenience. The basement is beautifully finished and features a great recreation room, or tv room or craft room. Use it in the way that works best for you! The backyard has a nice patio, which overlooks a small, tranquil pond. Some important updates include: Sump pump and water softener new in 2023* Main floor carpeting installed in 2023* Finished basement in 2022* HVAC and water heater new in 2021* Roof is under four years old. Fantastic location is convenient to great shopping, restaurants and so much more. Welcome Home!
Source: MRED #12346701
All values shown are estimated costs / mo.
Source: Public records
Source: MRED #12346701
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.
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.
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.
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 620, 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 and Equal Opportunity Act.