29845 S Cottage Grove Ave, Beecher, IL 60401
5 beds · 5 baths · sqft sqft
5 bedroom, 5 bath, on 5 acres in the desired town of Beecher! Let's start with the land! This property has 2 acres that produces hay. It also can be used for equestrian facilities. Enjoy your summers with an above ground pool with a deck or relax in the hot tub on the chilly evenings in the enclosed hot tub room. With a 2 1/2 car heated attached garage and a 4 car detached garage that has 100 amp service with plenty of breaker space. This is also an all electric home that comes with a Generac power cell with 20 solar panels in the back yard that provides clean energy, reducing your carbon footprint and utility costs. Radiant ceiling heat is the heat source with Each room having its own thermostat so you can heat only the rooms that you are using which also saves on energy costs. There are also three central air conditioning units. One for the in law living, one for the main floor and basement and one upstairs. Four large bedrooms upstairs. Primary has a large walk in closet and bathroom with shower. You can also bring mom and dad with! This home has related living attached to it which has its own kitchen, bedroom, bathroom and living room with a washer and dryer also. Or use it as a rental for extra income. Basement is finished and includes an office that could be used as another bedroom, a wet bar, full bathroom, huge laundry room with plenty of storage space and shop/workout area. This is a one of a kind home! Broker has interest in the home. Property being sold AS-IS.
Source: MRED #12074450
Interest rate and monthly payment estimated based on public records.
Source: MRED #12074450
Source: Public records
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
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.
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
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.
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.
MLS ID: #12074450
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