7400 BURNING TREE DR, Mchenry, IL 60050
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!
You may be able to put down less than the total down payment amount of $329,215 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: #mrd12122535