3497 Kings Lair Dr, Spring Grove, IL 60081
4 beds · 3 baths · 2,692 sqft sqft
Discover this beautifully maintained custom-built home in the desirable Nottingham Woods community, offering the perfect blend of privacy and convenience. Situated on a large, tree-lined lot, this home provides a peaceful retreat while still being close to top-rated schools. Step inside to a spacious and well-thought-out layout, highlighted by a huge kitchen featuring Thomasville soft-close cabinets, a center island, and ample counter space, perfect for both everyday cooking and entertaining. The inviting living room boasts a cozy gas fireplace, with glass sliders that open to a stunning back deck, where you can enjoy your morning coffee while overlooking the serene, wooded yard. This home is designed for versatility, with a family room that can be customized to fit your needs and a convenient first-floor laundry room. The oversized primary bedroom serves as a personal sanctuary, complete with dual walk-in closets and a luxurious en-suite bath featuring a relaxing jetted tub. Need extra space? The large basement rec room is perfect for a home office, gym, or playroom. The exterior is as impressive as the interior, featuring durable Hardy Board siding and a wide side apron next to the 2-car garage, offering plenty of parking and storage space. Recent updates include a new A/C unit (2023), freshly stained deck (2022), and a new water heater (2020). Best of all, this home comes with a VA assumable loan at an incredible low interest rate-an exceptional opportunity for qualified buyers! Don't miss out on this rare gem in Nottingham Woods, where comfort, style, and value come together seamlessly.
Source: MRED #mrd12182648
Interest rate and monthly payment estimated based on public records.
Source: MRED #mrd12182648
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: #mrd12182648
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.