35601 N Sheridan Dr
Fox Lake, IL 60020
3 beds · 2 baths · -- sqft
$387,500
Get prequalifiedAbout this home
Experience lakeside living at its finest with this elegant waterfront home located on the shores of Pistakee Lake, in the heart of the Chain O'Lakes boating community. This beautiful property offers breathtaking water views, direct lake access, and a private dock for your boat, making it a perfect spot for boating enthusiasts. With an open-concept design, this home features a spacious living area with large windows that bathe the space with natural light and provide panoramic views of the deep channel leading to Pistakee Lake. The modern kitchen is perfect for entertaining, offering stainless steel appliances, granite countertops, and a large island. The outdoor space is a true oasis, with a large dock and a beautiful double lot with private small boat launch, perfect for enjoying sunsets, BBQs, or simply relaxing by the water. You'll also be within walking or boating distance to several waterfront restaurants, ensuring that dining out is always an enjoyable experience. This home is perfect for those looking to embrace the lake lifestyle, offering year-round recreational activities such as boating, fishing, water skiing, and snowmobiling in the winter. Don't miss your chance to own a piece of paradise in the Chain O'Lakes!
Source: MRED #12171907
Neighborhood
FAQs
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.
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.
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.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
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