406 Madison St, Joliet, IL 60435
5 beds · 4 baths · sqft sqft
Welcome Home to your 5 bedrooms and 4 full baths home with a very spacious and amazing layout! At first sight this home has great curb appeal with a beautiful long and extensive view, left of the entry door is the attached one car garage with a driveway, further down to the right behind the new white vinyl fence and up the 2nd driveway is your 2 car detached garage. You read that correctly, this home offers a 3 car garage. In this home you also eliminate gutter cleaning as there is a leaf guard system installed. Walk in onto the newly stained flooring and to the left is your living room with a center of the wall fireplace, beautiful and deep bay window, plenty of light on the both sides of the room, take a few steps down to the lower dining room with your first set of double patio doors that extend to a connected deck with built-in sitting, stroll through to the kitchen with newer stainless steel appliances, newer cabinet hardware, a beautiful and deep over the sink bay window that overlooks the backyard, then over to the family room that is connected to the second set of patio doors. On this level off the kitchen is the 1st bedroom and off the family room is the laundry room and the 1st full bathroom. Travel up a few stairs on the other end of the home and here are the 3 bedrooms, the 2nd full bath offers a laundry chute and double sinks. The bedroom to the left features an in room full 3rd bathroom, then take a few more steps up to about a 4th level of living and here is your master bedroom with a walk-in closet, an additional closet, a master bathroom and behind the closet is attic space for your design. The backyard(s) are spacious, fenced separately into 3 areas, and ready for you! Schedule your appointments and contact me today with any questions! Home being sold AS- IS!
Source: MRED #12059508
Interest rate and monthly payment estimated based on public records.
Source: MRED #12059508
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: #12059508