Limited time: Pay only $1,000 to assume a low rate mortgage when you sign a purchase contract between 12/11/24 and 1/10/25 *
1 of 25
$280,000

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.

Estimated
Seller's interest rate
3.5%
7%
Estimated
Principal & interest
$286/mo.
$375
You may also save up to $19,595 in total interest paid.
Listing price
$280,000

Your cash down payment
$233,514
Seller’s estimated current equity is $233,514
To assume this mortgage you must cover the seller’s equity by using your cash or by combining your cash with a 2nd mortgage.
Estimated $286 monthly payment

Financed
$46,485
Assumed mortgage 3.5% • Seller's rate
$46,485
2nd mortgage 9.25% • No prepay penalty
$0

Interest rate and monthly payment estimated based on public records.

Roam helps you take over the seller’s lower interest rate 1
We help you assume the seller's mortgage and avoid higher prevailing market rates.

45-day closing guarantee 2
We work directly with the mortgage servicer to help you quickly and easily close the transaction.
Location
Details
Home
Lot size
0.22 acres
Year built
1927
Type
Single Family Residence

Source: MRED #12214652

Loan
Remaining term
18 years, 4 months
Rate
3.5%
Monthly P&I
$286
Remaining loan balance
$46,485

Source: Public records

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?

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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?

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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?

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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?

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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?

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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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Last updated: Dec 21, 2024 12:22 pm
Listing agent: Anne Vodicka
Listing provided courtesy of: Charles Rutenberg Realty of IL (630) 929-1100
Details provided by MRED and may not match the public record.
MLS ID: #12214652
Based on information submitted to the MLS GRID as of Dec 21 2024 - 16:12. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Fair Housing Act logo Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.
Disclaimers
1 Roam connects buyers and sellers to homes with assumable mortgages via a concierge service. Roam does not offer or engage in mortgage lending activity.
2 30 day guarantee is subject to credit approval by your loan servicer.
3 The assumable interest rate shown for this assumable mortgage is an estimate using the average of interest rates in this home's area at the time of the last sale. The actual assumable interest rate may differ. Estimated payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Roam connects buyers and sellers to home with assumable mortgages via a concierge service. Roam does not offer mortgage loans, extend credit, make credit determinations, or otherwise engage in mortgage lending or brokering activities. The lender makes all credit and qualification decisions with buyers. Any determination to extend credit to a buyer is a decision by the lender, and not by Roam.
4 The lender makes all credit and qualification decisions with buyers. Any choice to extend credit to a buyer is a decision by the lender, and not by Roam.
$286/mo
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