2811 FEDERAL CT, Crystal Lake, IL 60012
If lack of space is your issue, then this is the house you have been waiting for!! This beatuiful brick home is nestled away on a quiet cul de sac, while harboring just over an acre of land. As you walk into the home you will be greated by a showstopping foyer. To your left is a formal office (or bedroom) with custom built shelving. To the right of the foyer is an large family room and formal dining room. As you continue on the main floor you will see an expansive kitchen that flows right into the grand living room equipped with vaulted ceilings. Kitchen has a ton of storage space, beautiful island, wine fridge, room for a separate eating space, and even a pantry room. Right off the kitchen is a 4-seasons sunroom perfect for entertaining on summer days since it is surround by windows to let sunlight fill the room. Rounding out the main floor with a full bath, sizable laudry/mud room, and a 3 car attached garage. Upstairs you will find 4 bedrooms and 3 full baths. The master bedroom is massive to fit all kinds of furniture or sitting area, fully loaded on suite master bathroom, and walk in closet. Bedroom 2 also has an on suite bathroom and walk in closet...but if you look further there is also a 'secret' room attached to this bed room that can easily be converted into another walk in closet, game room, office space, library, or anything else you can think of! You will not be dissapointed with the size of every bedroom and bathroom on the 2nd floor! Down in the English, walkout basement you will find high ceilings and a ton of windows to not give for a "basementy" feel. Downstairs is also equipped with a 6th bedroom and full bath that boads well for an in law arrangement. Right now the basement is set up perfectly for enteraintaing with a pool table and theater seating and conrete patio with a firepit right off the walkout door, but can be coverted into any use. Also in the mechanical room the is an abudnace amount of storage space. This home is in a much desired neighorhood of Crystal Lake, with great schools, and a ton of shopping and restaurants around. Come schedule a showing before it's too late with the interest rates dropping!
You may be able to put down less than the total down payment amount of $174,614 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: #mrd12161336
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.