406 CAPITOL ST, Savoy, IL 61874
This beautiful house is a work-from-home dream come true! Gleaming hardwood and a two-story foyer greet you into the home that features tons of upgrades. The first floor office was recently improved with custom built-in's and trim package. The spacious kitchen features a large island with breakfast bar, beautifully stained wood cabinets, and contrasting granite counter tops with complimenting tile back splash. The butler-style pantry provides for ample storage space! The kitchen is open to the dining area and living room, perfect for daily life or entertaining. The living room has a gas-log fireplace for enjoying cozy fall evenings. The primary suite features a recessed trey ceiling. The primary bath is home to two vanities, separate shower and jetted tub, and a very generous walk-in closet. This home features a second-floor laundry room for added convenience as well! The basement rec room has been wire with high-end surround sound and projector that will convey with the property, and is perfect for movie nights or games. The basement bedroom has been converted to an office and features a custom dry bar and beautiful wood shiplap walls. The yard has been recently fenced with a vinyl privacy fence. Hunter irrigation system is included for a gorgeous, hassle-free yard! Schedule your showing today!
You may be able to put down less than the total down payment amount of $43,804 and have the rest of the funds financed with a 2nd mortgage from a lender. 4
Location
Details
How it works
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Tour
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.
Offer
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Close
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
Who can qualify
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.
Frequently asked questions
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.
Will an assumption work for me?
An assumption might be a suitable option for you if you meet the lender’s qualifications. We also offer Roam Boost to help buyers reduce the down payment required to a minimum of 5-15%. See below for more FAQs specific to Roam Boost.
Why do buyers use Roam?
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Roam helps home buyers find and purchase homes with a low-rate assumable mortgage included. Once you find your dream home, Roam manages the process of assuming a low-interest rate mortgage, helping buyers save thousands a year on mortgage payments compared to buying with a traditional mortgage at today’s rates. On average, buyers who use Roam save $15,000 in mortgage payments annually.
MLS ID: #mrd12121021