364 N Pier Dr, Machesney Park, IL 61115
4 beds · 3 baths · sqft
Wow, rare opportunity to be on the river OUT of a flood zone! This split bedroom ranch style house has river views throughout and allows you to vacation at home! Multiple sliding doors allow quick and easy access to a large deck overlooking the private greenspace, canal and river. Great room has cathedral ceilings and flows into a lovely kitchen with lots of cabinets with sliding shelves and an eat in area that has million dollar views! Enjoy your morning cup of coffee or evening sundowner on the covered deck. Master bedroom has a slider that opens to its own deck allowing you to enjoy the cool breeze off the river. Head downstairs to enjoy the ultimate entertainment area. A kitchenette, wet bar, gas fireplace and indoor hot tub allow you to entertain, while multiple sliders allow access to the river. The 4th bedroom/office also has its own bath. Dock is included. Being on the canal means no worries about leaving the dock in during the winter or having to be concerned about a tree coming down river and wrecking your boat! the 9 acre park like private greenspace out front is perfect for campfires or relaxing in some peace and quiet. House gets you access to private boat launch. NO HOA. Roof 2023, hot water heater 2024. Hot tub "as is".
Source: MRED #12259458
Interest rate and monthly payment estimated based on public records.
Source: MRED #12259458
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: #12259458
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.