302 Country Ln, Algonquin, IL 60102
3 beds · 2 baths · 2,286 sqft
Here is your chance to get in a move in ready house at a great location and great school district. Private location at the end of the street with more land that the regular size yard. Fresh paint in all rooms and finished basement with a a cozy recreation room. Brand new roof in 2022,new tankless water heater and furnace -2023. Fresh paint-2025 Appealing floor plan with a kitchen that opens to the family room and separate living room and dining room. Family room has a sliding door which leads to the outside concrete patio built in 2021. Eat in area in the kitchen with breakfast bar connecting kitchen and the family room., Large utility room w/lots of concrete covered crawl space- storage in the basement and laundry area next to the recreation room. Three good size bedrooms on the second level with shared full bathroom and half bath on the main level. Algonquin Commons are 5 min drive in distance. Close to Main street in Algonquin Old downtown area with a lot of shops and restaurants and entertainment. Directly across the street from Stoneybrook Park and walking distance to Newbert Elementary school. Great buy and Easy to show. However, the house is offered for sale AS IS. The Sellers have already left for their Military assignment abroad and will not be able to accommodate any repair requests. Credit of one thousand will be offered for the purchase of new washer and dryer. Current taxes have homeowner and disabled veteran exemptions. without the second one -the amount will be above seven thousand , but please call the county if you need an exact number. There is a full description of all improvements under additional information of the listing.
Source: MRED #12313183
Interest rate and monthly payment estimated based on public records.
Source: MRED #12313183
Source: Public records
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%. 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.
Other resourcesWhat 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.
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