7400 Burning Tree Dr, Mchenry, IL 60050
4 beds · 3 baths · 3,461 sqft
Fully updated two story home now available in highly desirable Burning Tree subdivision! Main level features extremely durable wood-look porcelain tile and custom wainscoting throughout. Newly reconfigured eat-in kitchen adds desirable open concept layout to the floor plan. Kitchen features include custom built-in bench seating, oversized 12x4 ft. island with newer quartz counter tops (2022), new refrigerator (2024), newer microwave, dishwasher, double ovens (all 2022), newer gas cook top (2021), and soft close cabinetry. Open to family room with two story ceiling and gas fireplace with custom mantel (2023). Main level also features stunning ledger stone arches, office with custom built-in desks and cabinets, and laundry room with built-in dog kennels, shelving, and coat racks. Dual staircases both newly refinished and all carpeting is brand new (2024). Primary bedroom has vaulted ceilings, 8x8 walk-in closet, and luxurious en suite with travertine marble inlays, heated towel bar, NuHeat heated floor, and double head walk-in shower. Three additional bedrooms all nice size with unique accent walls. Full English basement is unfinished and ready for your personal touch! The exterior home is professionally landscaped, has a 12-zone lawn sprinkler system, and brand new 40x20 cedar deck (2024). Additional features and updates include fresh paint throughout home (2024), tall ceilings throughout, custom trim finishes, oversized Anderson windows, newer roof (2015), newer water heater (2014). Truly beautiful inside and out, don't miss the opportunity to own this great home!
Source: MRED #mrd12122535
Source: MRED #mrd12122535
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: #mrd12122535
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.