790 Richwood Ave, Elgin, IL 60124
4 beds · 4 baths · 3,051 sqft
Pristine 3 car garage home with FINISHED BASEMENT in sought after Highland Woods pool and clubhouse community. As you enter, gleaming hardwood floors greet you and are flanked by a formal living room and dining room. Dramatic two-story family room with cozy Fireplace is the perfect space to relax and unwind. The stunning gourmet kitchen features 42" maple cabinetry with crown molding, double ovens, granite countertops, tile backsplash, stainless steel appliances, and butler's bar with a wine cooler! Home office and a roomy mud room complete the main level of this fantastic home. Upstairs you will find 4 spacious bedrooms PLUS a Loft! The primary suite with tray ceiling and private ensuite bath with double sinks, soaker tub, and glass shower is the perfect space to getaway. Convenient upstairs laundry. Finished basement in 2021 with half bath and flex room that can be used as an exercise room, playroom, second office space or so many other options. Outside, enjoy a large, fenced yard with mature landscaping and beautiful stamped concrete patio.
Source: MRED #mrd12178309
Source: MRED #mrd12178309
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: #mrd12178309
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.