8731 Elm Dr, Des Plaines, IL 60016
4 beds · 4 baths · 3,360 sqft
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This stunning 3,360 sq ft home, located in the highly desirable Maine East High School district, features hardwood floors throughout and is set on a spacious .45-acre lot with a circular driveway and easy highway access, offering a perfect blend of space, style, and convenience. On the main level, you'll find a large living room with a cozy fireplace that seamlessly flows into an expansive dining room, perfect for entertaining, with sliding doors leading to the outdoor space. The beautifully updated kitchen showcases white cabinetry, granite counters and stainless steel appliances, while the adjoining family room offers easy access to the side patio and 2-car garage. Upstairs, the primary bedroom serves as a tranquil retreat with cathedral ceilings, abundant natural light, a walk-in closet, and a fully renovated en-suite bathroom featuring a large shower and soaking tub. The princess suite comes with its own updated bathroom and spacious walk-in shower. Two additional generously sized bedrooms share a hall bath. This home also includes a finished partial basement with tile flooring, offering a perfect space for an exercise area, playroom, or man cave. Step outside to the expansive, fenced backyard, which features over 1,600 sq ft of concrete patio space (installed in 2022)-ideal for outdoor living and entertaining. Recent updates include a complete bathroom renovation, fresh exterior paint, a new garage door, an epoxy-coated garage floor, and a new shed in 2022. In 2024, the home received a partial roof replacement and a new furnace. With its seamless combination of modern updates and classic appeal, this home is truly a standout and ready to become your next dream home.
Source: MRED #12290190
All values shown are estimated costs / mo.
Source: Public records
Source: MRED #12290190
To qualify, you must meet the current FHA or VA 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.
FHA (Federal Housing Administration) loans
FHA loans require the buyer to assume the mortgage as a primary residence.
VA (Veteran's Affairs) loans
You don't have to be a veteran to assume a VA loan. However, not all veterans are willing to let a non veteran assume their mortgage. Roam confirms the seller's willingness prior to you making an offer.
Investors
You may be able to assume a VA mortgage as an investor without it being your primary residence.
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.
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.
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.
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 “Save search” 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.
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 620, 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.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.