1551 N Parc Grove Ct O Fallon, IL 62269
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About this home
Welcome home! 1551 N Parc is a like-new home in a quiet, single road, cul-de-sac neighborhood. Upon entering the home, you immediately notice the hardwood flooring throughout the entire first floor and natural sunlight. The main level features a flex room that is perfect for formal dining or an office. The spacious living room transitions to the dining area and open kitchen. The kitchen features gas cooking, stainless steel appliances, and granite countertops. The main level also includes a powder room and tiled laundry room. The second level offers 4 bedrooms, all with walk-in closets. The master has a private bath with a double sink and glass door shower. The second floor is complete with another full bathroom and seating area at the top of the staircase. Need storage or a workout space? The attached 2-car garage and walk-out basement have you covered. The garage floor is epoxy coated and the unfinished basement provides nearly 900 sq/ft of conditioned space with 9 foot ceilings, bathroom rough-in, and water softener system. The basement walkout opens to a private patio with a deck on the main level. The home is conveniently located to nearby shopping, restaurants, and Scott AFB. O’Fallon is home to one of the best school districts in the state of Illinois (District 90). The home is in close proximity to Fulton Junior High School and the MCT trail system. The MCT is a cyclist and runner paradise! Do not miss out on this nearly brand-new and well cared for home!
Source: MARIS #25062405
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FAQs
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.
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.
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.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
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