3615 W Cornell Ct, Mchenry, IL 60050
3 beds · 2 baths · 1,710 sqft
********Multiple offers received******** Highest and best due Sunday at 5pm. Updated home in McHenry, close to shopping and restaurants on a quiet cul-de-sac. New flooring and freshly painted throughout, vaulted ceilings in the living room accented by wood beams and open to a good sized dining room. Granite counter tops, newer appliances, painted white cabinets and an island in the kitchen with plenty of space that is open to the sunken family room that leads to a 4 season room complete with skylights and A/C, also a wood burning stove and heater so it can be used year round. Upstairs full bath has a private entry from the primary bedroom and is completely updated with a ceramic shower and heated floor! The primary bedroom also has a walk in closet. The clean & dry basement is currently used for laundry, storage and could be finished in future for additional space. The seller needs to find their next home so the buyer will need to be flexible. Updates include Roof, siding 2019, water heater 2018, laminate floors throughout, updated baths, some appliances 2020, light fixtures, paint, concrete patio, gazebo, fenced yard. Windows as-is
Source: MRED #12328415
All values shown are estimated costs / mo.
Source: Public records
Source: MRED #12328415
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.