2318 E 1470 North Rd Watseka, IL 60970
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About this home
Nestled on 4.7 expansive acres, this meticulously maintained tri-level country home presents a remarkable opportunity for a fulfilling lifestyle. Boasting 5 bedrooms and 2 bathrooms, the residence offers ample space for family and entertaining. Step into a large living room or unwind in the separate recreation room. The heart of the home is a spacious eat-in kitchen, complete with a double fireplace shared with the living room. A unique bonus room with soaring, wood-lined ceilings adds character and functionality. Enjoy evenings by the basement fireplace, adding to the home's cozy charm. The outdoor sanctuary beckons with serene vistas and mature trees, 12x12 brick paved patio, providing a picturesque backdrop. A substantial 40x24 pole building offers endless possibilities, whether for storage, workshop space, or other endeavors. This property is well-suited for a hobby farm, allowing up to four horses and other small farm animals, or could serve as an ideal location for a home-based business, or simply a peaceful respite from the demands of everyday life. Modern updates, including a newer well, water heater, water softener, durable 50-year roof shingles, and central air, ensure effortless living. Stay comfortable year-round with a whole-house fan for cooling and a dual-fuel (propane/wood) furnace for efficient heating. This idyllic rural setting provides a perfect balance of tranquility and convenience, being close to shopping, schools, and restaurants.
Source: MRED #12448730
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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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