714 Elmwood Dr, Carpentersville, IL 60110
4 beds · 4 baths · 1,924 sqft
This lovely tri-level home on 0.311 acres has 4 bedrooms with 3 full baths and one-half bath, a 2 car garage and lots of space. It's located in the private neighborhood of Lakewood Estates with towering trees and larger lots. Country-feel yet near everything! The chef's delight kitchen has lots of kitchen cabinets with roll out shelves, an eat-in table area and newer stainless-steel appliances. The office on the main floor can be converted into a 5th bedroom. The living/dining room combo is perfect for everyday living and entertaining. Oak parquet flooring and wooden plank flooring in most other rooms. Enjoy the inviting front porch and private fenced backyard with 24x11 deck. Enter the lower level for a generous family room with wood-burning fireplace where you can watch TV, play games and more. 2017 Roof & Siding. Furnace 2015. Good transportation to expressways, shopping, schools, amenities and other activities.
Source: MRED #12321390
Financials
Source: MRED #12321390
Source: Public records
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%. 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.
Other resourcesWhat 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.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.