2920 Oakland Ln, Mchenry, IL 60050
3 beds · 1 baths · sqft
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**Charming 3-Bedroom Home with Spacious Fenced Yard and x2 2.5-Car Garages in McHenry, IL - Assumable Mortgage at 2.8%** Welcome to 2920 Oakland Lane in McHenry, IL - a beautifully renovated home that combines comfort, convenience, and incredible value! Nestled on a desirable **corner lot**, this home offers an **ample fully fenced yard**, perfect for pets, outdoor gatherings, or simply enjoying some peace and quiet. Whether you're looking for extra space to play or garden, this property has it all. Inside, you'll find a thoughtfully designed 3-bedroom, 1-bathroom layout featuring a **recently renovated bathroom** with sleek, modern finishes. The **galley kitchen** is efficient and functional, making it easy to cook and entertain in style. Key Features: - **Corner Lot with Fenced Yard**: Enjoy privacy, extra space, and outdoor freedom in this fully fenced yard. Two spacious garages, each with room for 2.5 cars-perfect for storing vehicles, tools, or creating a workshop. - **Renovated Bathroom**: Updated with contemporary touches for a fresh, stylish experience. - **3 Bedrooms, 1 Bathroom**: A great layout for small families, couples, or individuals. - **Galley Kitchen**: A functional, cozy space to prepare meals and entertain. - **$5,000 Seller's Credit for flooring**: Use this credit towards flooring repairs, allowing you to customize the floors to your personal taste. - **Assumable Mortgage**: Take advantage of an **assumable mortgage at 2.8%**, a rare and excellent opportunity for buyers! Located close to shopping, dining, and all the amenities McHenry has to offer, this home provides both comfort and convenience. Whether you're a first-time homebuyer, looking to downsize, or seeking a solid investment, 2920 Oakland Lane is the perfect place to call home. Don't miss out on this fantastic opportunity-schedule your showing today and make this wonderful property yours!
Source: MRED #12255277
All values shown are estimated costs / mo.
Source: Public records
Source: MRED #12255277
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.