214 S Prospect St Marengo, IL 60152
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About this home
Walk-to-town farmhouse with ultra-modern updates! This 4-bedroom, 2-bath 4-car charmer blends classic character with sleek, stylish finishes. Many major updates have been completed, including a 2021 roof on the main house, new fully reimagined eat-in kitchen with crisp white cabinetry, striking blue subway tile, and updated HVAC for peace of mind. Inside, you'll love the spacious living and dining rooms, two absolutely gorgeous remodeled baths, large walk-in closets, all new flooring, all fresh paint, and a new chic wrought iron stair rail. Two bedrooms on the main level and two upstairs-including one with a soaking tub that's calling your name-offer flexible living. Outside, this in-town treasure shines with a freshly sealed driveway, the 4-car garage (or 3 with workshop area) large, private patio perfect for gatherings, and fully fenced yard with dog run. Across from the middle school and close to everything, this move-in ready gem is a rare blend of farmhouse charm and modern flair. Don't wait-schedule your tour today! 10 minutes to I90/Gold Corridor, 140 acre community park for recreation and leisure activities, camp, hike, picnic or ski over 7 mile trails at Marengo Ridge County Conservation Area
Source: MRED #12463520
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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.
Roam is committed to and abides by the Fair Housing Act and Equal Opportunity Act.