305 N Reed St, Joliet, IL 60435
4 beds · 7 baths · 4,479 sqft
Get a free consultation call with an expert in the mortgage assumption process.
Stunning 5-Bedroom, 5 Full Bath & 2 Half Bath Historic Home in Joliet's Cathedral Neighborhood! Nestled on nearly an acre, this remarkable residence seamlessly blends historic charm with modern luxury. From the grand curved staircase in the foyer to the professionally landscaped grounds, every detail has been thoughtfully updated for today's discerning buyer. The expansive main floor boasts an open-concept design, featuring a grand living room with a fireplace, a formal dining room with elegant wainscoting, and a vaulted-ceiling family room with a second fireplace and floor-to-ceiling windows overlooking the lush backyard. The updated kitchen offers white cabinetry, granite countertops and backsplash, and high-end stainless steel appliances, with an adjacent casual dining area. A dedicated home office/den with built-ins and two half baths complete the main level. The second floor is home to four generously sized bedrooms, including a primary suite with a spa-like en-suite bath, oversized shower, and cedar walk-in closet. A secondary bedroom features its own private bath, while two additional bedrooms share an updated full bathroom. A conveniently located laundry closet rounds out the upper level. The finished walk-out basement provides additional living space, including a recreation room, a fifth bedroom, a full bath, and a second laundry room-ideal for related living. Step outside to your private outdoor retreat, featuring an oversized in-ground pool with a diving board, a spacious patio for lounging, a shed and a second stone patio with a firepit and built-in grill. A pool shed is also available to store all your pool equipment. A newly constructed screened-in porch/pool room with a heater, full kitchen, and a bathroom with a shower creates a perfect all-season entertaining space. It also has the ability to add another washer and dryer. The 2 car attached heated garage and huge circle driveway provides parking convenience. Additional updates include all-new exterior lighting and meticulous landscaping. Located in the sought-after Cathedral neighborhood, this one-of-a-kind home offers timeless elegance and modern convenience. Don't delay, show today!!!!!
Source: MRED #12288318
Learn about how it works
Why Roam
Gap financing to lower your down payment
Unlock down payments as low as 5% – only with Roam
5x the likelihood your offer is accepted
If a purchase takes longer than 45 days, we’ll cover the seller’s mortgage until you close
Close faster and stress-free
We close 2x faster because of our deep experience and lender relationships
Rates and payments are estimates based on public records.
Source: Public records
All values shown are estimated costs / mo.
Source: Public records
Source: MRED #12288318
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 of Equal Opportunity Act.