242 BERKSHIRE LN, Sugar Grove, IL 60554
This charming home is brimming with potential and awaits your personal touch! Nestled in a beautiful neighborhood, this property offers a unique blend of comfort and luxury. Step inside to discover a basement sanctuary featuring a custom decorative rock wall and a convenient wet bar, perfect for relaxing or entertaining guests. Sprawling entertainment areas beckon with their high-end appeal, including a 5th bedroom and full bath, ensuring ample space for all your needs. Outside, a 3-car tandem garage and fenced yard provide both security and convenience along with the above ground pool and deck, while the living space boasts undeniable beauty and functionality. The kitchen is a chef's dream, complete with hickory cabinets, slate backsplash, and under-cabinet lighting. A large island and Butler's Pantry connect seamlessly to the dining room, enhancing the flow of everyday living. The home exudes warmth and character throughout, with features like hardwood floors (ready for refinishing), recessed lighting, and ceiling fans/lights in every room. Enjoy the brick-paver patio and mature landscaping, creating a serene outdoor retreat. A concrete driveway and backyard access through the garage add practicality, with the garage even equipped with a 220Volt outlet. Inside, oak crown molding and a bonus room in the basement offer additional touches of elegance and functionality. This home is ideally located with easy access to highways and shopping, all while retaining a peaceful country charm. Embrace the opportunity to transform this lovely home into your own oasis of comfort and style! Home will be conveyed "as-is" Estate sale.
You may be able to put down less than the total down payment amount of $123,082 and have the rest of the funds financed with a 2nd mortgage from a lender. 4
Location
Details
How it works
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Tour
Whether you have an agent or you’re just starting your search, reach out to us and we’ll help set up a home tour.
Offer
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Close
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
Who can qualify
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.
Frequently asked questions
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.
Will an assumption work for me?
An assumption might be a suitable option for you if you meet the lender’s qualifications. We also offer Roam Boost to help buyers reduce the down payment required to a minimum of 5-15%. See below for more FAQs specific to Roam Boost.
Why do buyers use Roam?
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Roam helps home buyers find and purchase homes with a low-rate assumable mortgage included. Once you find your dream home, Roam manages the process of assuming a low-interest rate mortgage, helping buyers save thousands a year on mortgage payments compared to buying with a traditional mortgage at today’s rates. On average, buyers who use Roam save $15,000 in mortgage payments annually.
MLS ID: #mrd12108014