810 Lavoie Ave, Elgin, IL 60120
2 beds · 1 baths · sqft
Adorable Betsy Ross Sears home set on a double lot, soon to be a dead-end street. Charming home with high efficiency, low impact living with new HE furnace, HE hot water heater, HE washer/dryer, electrical panel, 13 solar panels(owned), siding, gutters & windows. Previous listing states roof & garage done in 2012. AC unit has new parts and blows icy cold. Grow your own food with 10 large, fenced & raised beds including perennial herbs, productive grapevines & wildflowers. Garden is irrigated and on timers. Yard is completely fenced with several native bur oak trees providing loads of privacy in the summer. The enclosed porch greets you with large windows giving ample space to get ready to head out. French doors lead to the cozy living room with original hardwood floors, loads of natural light. Living room has breakfast bar window(adorable) that opens for entertaining. LR is wired for sound system(behind walls) with hook up for record player, subwoofer, multiple HDMIs, speakers & TV-giving a professional feel to your gaming, listening or watching. New wood burning fireplace with new brickwork. Blows hot air, heating most of the 1st floor. Kitchen boasts 5 1/2' of clean counter space and large breakfast bar allowing more prep space than most kitchens twice its size. Vintage metal cabinetry, darling breakfast nook w/original curved plaster and 60s Formica(you know you love this!). Both bedrooms have finished closet space & ceiling fans. Bathroom has closet space, new HE toilet, tub, sink, tile & laundry chute. Basement is partially finished. Windows are vintage glass block from an old McDonalds's in town. Work bench area, closet space & possible 3rd bedroom, office or workout room. 2 car tandem garage 36' deep. Work bench area, overhead storage. An attached south facing sunroom/shed or SHE-shed for seed starting or just hanging with friends. This is the perfect home for those looking for an alternative to renting or for perhaps a down-sizer who would love a beautiful outdoor space. Lots of love in this home by current owners. Come and see for yourself.
Source: MRED #12214652
Interest rate and monthly payment estimated based on public records.
Source: MRED #12214652
Source: Public records
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: #12214652