2267 Margaret Dr Montgomery, IL 60538
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About this home
Step into this inviting home featuring a bright and spacious living room with beautiful custom shelving. The open-concept kitchen flows seamlessly into the dining area. The dining room offers flexibility to serve as a home office, playroom, or additional lounge space. A rare find, this duplex includes a full, partially finished basement with egress windows - offering the opportunity to expand with additional bedrooms, a recreation area, or guest suite. Upstairs, you'll find brand new hallway flooring and a beautifully remodeled bathroom completed just last year. The massive 23' x 13' primary suite features a spacious walk-in closet and access to a shared master bath. For added convenience, the washer and dryer are located on the second floor and stay with the home. Enjoy outdoor living in the fully fenced backyard featuring a large patio completed within the last three years. A cozy fire pit, storage shed, raised garden planters, and backyard umbrella all stay. As part of a welcoming community, residents also have access to a clubhouse with a pool. All this and a NEW roof in 2024. The home has been freshly painted throughout, ready for you to move right in and make it your own.
Source: MRED #12509134
Loan details
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Close stress-free in 45 days, handled start to finish by Roam.
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If you find a better price on any home, we’ll match it.
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.