355 Woodridge Cir # B, South Elgin, IL 60177
2 beds · 2 baths · 1,116 sqft
Charming 1st-Floor End Unit Condo with Private Wooded Views! This desirable 2-bedroom, 2-bathroom first-floor end unit offers the perfect blend of comfort, convenience, and serene views! Featuring an extra-deep attached garage, abundant storage, and a private wooded backdrop, this home is a true gem. The bright and spacious living room is filled with natural light from two sliding glass doors that showcase stunning wooded views and open to a large patio, perfect for relaxing or entertaining. A gas-burning fireplace with a decorative mantel adds warmth and charm, while the separate dining area offers another scenic view. The kitchen boasts new flooring, a newer fridge and dishwasher, and plenty of space for all your cooking needs. Down the hall, a generously sized guest bedroom and a full bath provide comfort and convenience. The primary suite features an expansive closet and a private three-piece ensuite, offering a peaceful retreat. The in-unit laundry room includes a full-sized washer and dryer, making everyday chores a breeze. Storage is no issue with a massive crawl space under most of the unit, an oversized pantry, ceiling storage in the garage, and a dedicated workspace with built-in workshop cabinet storage. The trash area is conveniently located right outside the garage door, adding to the home's ease of living. Situated in the highly acclaimed St. Charles School District 303, this condo also comes with HVAC system (2020), and water heater (2020). Move-in ready and packed with thoughtful details, this home offers the perfect blend of privacy, practicality, and charm-don't miss your chance to make it yours! Schedule a showing today! Home being sold AS-IS.
Source: MRED #12288146
Source: MRED #12288146
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. When you apply for the loan, you must attest that the home will be your primary residence for 12 months to be approved for an FHA assumption. Most lenders will ask that you move in within 60 days.
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.
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 “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.
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 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.