VA loan
1 of 21
VA loan
$285,000

42314 N Thorpe Ave, Zion, IL 60099

4 beds · 2 baths · sqft sqft

Get ready to FALL in love with this charming and cozy raised ranch, where comfort and relaxation is key! You'll feel right at home from the moment you walk in. The inviting living room offers a warm and welcoming space for lazy afternoon naps or entertaining guests. You'll also love the quaint kitchen, boasting plenty of cabinets and counter space, perfect for all your cooking adventures. The adjacent dining room, with its easy-to-clean tile floors (you'll appreciate that after hosting all those parties during the holiday season lol), provides a seamless flow for meals with family and friends. Both recently refreshed full bathrooms bring a touch of elegance and style to your daily routine. Four generously sized, freshly painted bedrooms feature gleaming hardwood floors and large windows for tons of natural light. The lower level is packed with possibilities, featuring an office space ideal for working from home, a laundry room for convenience, and an enormous family room where you can enjoy everything from rowdy family game nights to movie marathons to curling up with a good book. You can also use this flexible space for a killer mancave, studio, playroom- The choice is yours! Or, turn this space back into a 2.5 car garage for just a few thousand dollars. Don't stop here, however, head outside where the perks keep coming- Enjoy your morning coffee on the brick patio, framed by lush greenery and newer windows and entrance doors that not only enhance privacy but give the home a fresh, updated look. The fenced-in yard offers peace of mind and a safe place for the kiddos and pets to enjoy the sunshine, while the asphalt driveway on the side of the house ensures plenty of parking and a polished exterior. And I've saved the best for last- The fruit trees! Imagine picking all of your own apples, peaches, and plums right from your backyard! This spacious outdoor haven is the perfect setting for BBQs, family gatherings, or simply soaking up the summer sun. Current owners installed solar panels, which saves you money all season long! All located in the heart of uniquely historic Zion and conveniently nestled between Chicago and Milwaukee, which makes it a great spot for those who want small-town living but still have access to big city amenities. It's roughly an hour's drive to either city, so trips to museums, fabulous restaurants, shopping, or nightlife are easy! Also near Illinois Beach State Park offering miles of sandy beaches perfect for swimming, picnicking, and hiking. The park also has trails through dunes, marshes, and forests, so it's a nature lover's paradise! With such a great location and so many updates and special features, this home is ready for you to move right in and start making memories today! ALL NEW PAINT AND CARPET THRU-OUT! MOTIVATED SELLER EASY TO SHOW.

Interest rate 3
2.75%
With Roam
7%
The seller’s mortgage rate at the time the loan was originated.
Monthly payment 3
$661
With Roam
$1,036
Reduce your monthly payments by $374 when you assume this mortgage.
You also save $120,365 in total interest paid.

$134,779
Edit

You may be able to put down less than the total down payment amount of $134,779 and have the rest of the funds financed with a 2nd mortgage from a lender. 4

Interest rate and monthly payment estimated based on public records.

Roam helps you take over the seller’s lower interest rate 1
We help you assume the seller's mortgage and avoid higher prevailing market rates.

45-day closing guarantee 2
We work directly with the mortgage servicer to help you quickly and easily close the transaction.

VA loan
Eligible for investors
Not a veteran? You may still be qualified to assume the mortgage.
Location
Details
Home
Lot size
0.37 acres
Year built
1996
Type
Single Family Residence

Source: MRED #12171993

Loan
Remaining term
26 years, 9 months
Rate
2.75%
Monthly P&I
$661
Remaining loan balance
$150,220

Source: Public records

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?

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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?

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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?

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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?

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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?

expand content

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.

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Last updated: Nov 21, 2024 10:28 am
Listing agent: Stewart Ramirez
Listing provided courtesy of: E- Signature Realty (847) 693-0213
Details provided by MRED and may not match the public record.
MLS ID: #12171993
Based on information submitted to the MLS GRID as of Nov 21 2024 - 12:52. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Fair Housing Act logo Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.
Disclaimers
1 Roam connects buyers and sellers to homes with assumable mortgages via a concierge service. Roam does not offer or engage in mortgage lending activity.
2 30 day guarantee is subject to credit approval by your loan servicer.
3 The assumable interest rate shown for this assumable mortgage is an estimate using the average of interest rates in this home's area at the time of the last sale. The actual assumable interest rate may differ. Estimated payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Roam connects buyers and sellers to home with assumable mortgages via a concierge service. Roam does not offer mortgage loans, extend credit, make credit determinations, or otherwise engage in mortgage lending or brokering activities. The lender makes all credit and qualification decisions with buyers. Any determination to extend credit to a buyer is a decision by the lender, and not by Roam.
4 The lender makes all credit and qualification decisions with buyers. Any choice to extend credit to a buyer is a decision by the lender, and not by Roam.
$661/mo
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