1 of 13
$299,000

340 Illinois Blvd, Hoffman Estates, IL 60169

3 beds · 2 baths · 1,205 sqft sqft

Welcome to this beautifully updated 3-bedroom, 2-bathroom ranch home, ideally situated on a spacious corner lot. The property features a fenced yard, perfect for privacy and outdoor enjoyment, and includes a large 21/2-car detached garage for ample storage and convenience. Step inside to discover a warm and inviting interior, highlighted by gleaming three-quarter oak hardwood floors that have been sanded and refinished to perfection throughout the main living areas. The kitchen and bathrooms boast new, easy-to-maintain vinyl flooring, complementing the home's modern updates. The kitchen has been thoughtfully remodeled with contemporary finishes, while both bathrooms have been tastefully updated to meet today's standards. Recent upgrades include replacement windows and a new roof, ensuring peace of mind and energy efficiency for years to come. Freshly painted walls and new interior doors enhance the home's fresh, modern appeal. This move-in-ready residence offers a blend of classic charm and modern convenience, making it a perfect place to call home. The property is being sold as is.

Interest rate 3
3.75%
With Roam
6.5%
The seller’s mortgage rate at the time the loan was originated.
Monthly payment 3
$715
With Roam
$900
Reduce your monthly payments by $184 when you assume this mortgage.
You also save $44,560 in total interest paid.
$178,019
Edit

You may be able to put down less than the total down payment amount of $178,019 and have the rest of the funds financed with a 2nd mortgage from a lender. 4

Interest rate and monthly payment estimated based on public records.

Roam helps you take over the seller’s lower interest rate 1
We help you assume the seller's mortgage and avoid higher prevailing market rates.
45-day closing guarantee 2
We work directly with the mortgage servicer to help you quickly and easily close the transaction.
Location
Details
Home
Size
1,205 sqft
Lot size
0.2433 acres
Year built
1959
Type
Single Family Residence

Source: MRED #mrd12179399

Loan
Remaining term
20 years, 1 month
Rate
3.75%
Monthly P&I
$715
Remaining loan balance
$120,980

Source: Public records

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?

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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?

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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?

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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?

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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?

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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.

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Resources
Last updated: Oct 22, 2024 09:25 am
Listing agent: Mario Reme
Listing provided courtesy of: Homevue Realty, Inc (847) 772-7299
Details provided by MRED and may not match the public record.
MLS ID: #mrd12179399
Based on information submitted to the MLS GRID as of Oct 23 2024 - 02:25. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Fair Housing Act logo Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.
Disclaimers
1 Roam connects buyers and sellers to homes with assumable mortgages via a concierge service. Roam does not offer or engage in mortgage lending activity.
2 45 day guarantee is subject to credit approval by your loan servicer.
3 The assumable interest rate shown for this assumable mortgage is an estimate using the average of interest rates in this home's area at the time of the last sale. The actual assumable interest rate may differ. Estimated payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Roam connects buyers and sellers to home with assumable mortgages via a concierge service. Roam does not offer mortgage loans, extend credit, make credit determinations, or otherwise engage in mortgage lending or brokering activities. The lender makes all credit and qualification decisions with buyers. Any determination to extend credit to a buyer is a decision by the lender, and not by Roam.
4 The lender makes all credit and qualification decisions with buyers. Any choice to extend credit to a buyer is a decision by the lender, and not by Roam.
Interest rate 3
3.75%
With Roam
6.5%
The seller’s mortgage rate at the time the loan was originated.
Monthly payment 3
$715
With Roam
$900
Reduce your monthly payments by $184 when you assume this mortgage.
You also save $44,560 in total interest paid.
$178,019
Edit

You may be able to put down less than the total down payment amount of $178,019 and have the rest of the funds financed with a 2nd mortgage from a lender. 4

Interest rate and monthly payment estimated based on public records.

$715/mo
View details