8802 Shady Ln, Wonder Lake, IL 60097
3 beds · 2 baths · 1,518 sqft
STOP THE PRESS!!! TREMENDOUS PRICE CUT. PRICED SEVERAL THOUSANDS OF DOLLARS UNDER MARKET VALUE to attract the next homeowner. You can have it all with this lovely home in Wonder Lake. Come home to a deluxe raised ranch and a lake getaway all in one with private lake rights included. Not only located less than 3 minutes driving to the lake but also realize the schools are in the great Woodstock school district. Located about equal distance from McHenry and Woodstock. Located off Thompson and Rt 120, nearby shopping is a breeze to get to. Convenient corner store in walking distance.Thoroughly updated home with 3 bedrooms and 1 1/2 bathrooms. Here are the features: New wood laminate flooring throughout the entire 1st floor, vinyl flooring in the wonderful basement and new stair carpet in 2024. Most rooms freshly painted. Country kitchen for cooking, a big pantry for extra storage and a large eating area. Both bathrooms recently remodeled including maintenance free acrylic wall panels in the bathtub shower. New roof and vinyl siding in 2022. Replacement vinyl windows and exterior doors replaced in 2018. Hot water tank replaced in 2016. Brand new dishwasher. Range and microwave replaced in 2017. W/D are from 2021.For entertaining, a large finished basement with a care free vinyl flooring and also a separate office and updated 1/2 bathroom. 2 car attached garage with a long driveway to park a boat with the lake less than a mile away. Relax after a hard days work in the lovely back yard or on the back porch under the pergola. This home is truly move in ready including maintenance free materials and quality mechanicals.
Source: MRED #12112315
Source: MRED #12112315
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: #12112315
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.