7981 S Pine St, Dixon, IL 61021
3 beds · 2 baths · 1,703 sqft
Unique home located in historic Grand Detour. The home sits on just over 1/2 an acre and has a two-car detached garage, wood shed and large heated and cooled outbuilding 31x46. Newly done wraparound porch takes you to both entry doors, the home offers 3 bedrooms, 2 bathrooms all of which are nice sized with large closets. The main floor has 2 bedrooms 2 bathrooms, laundry and master suite. Large master bedroom has a newly remodeled full bathroom with double sinks and walk in shower. Upstairs is a 25x17 bedroom with two closets. The home has a uniquely redone kitchen with vaulted ceilings covered in steal, large custom chandelier and a large island with granite counters open to the Livingroom. Some other features include large lot, plenty of parking and nice area all set for a fire pit or playset. The owners are currently heating the home with a boiler system that uses a wood burner to heat the floors and mini split units for heat and air conditioning, it also has another boiler that can be connected to natural gas and used for heat if the new owner doesn't want to use the wood system. Seller will eitehr have done before closing or give a credit for trim work to be finished and carpeting on the stairs. Quotes available with realtor access.
Source: MRED #12274729
Financials
Source: MRED #12274729
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.
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