951 Hillcrest Rd Elgin, IL 60123
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About this home
Welcome to 951 Hillcrest Road, a hidden gem nestled on 2.7 peaceful acres along Tyler Creek. If you've been dreaming of a place with space to breathe, stretch out, and make your own-this might just be it. This custom-built home has 5 bedrooms, 5 bathrooms, and nearly 4,600 square feet of space to work with. The layout includes a spacious main-level primary suite with its own jacuzzi tub, perfect for unwinding after a long day. There's also a full walk-out basement and a private studio space located above the 3-car garage...great for an office, guest retreat, or creative studio. The home features original finishes throughout, making it a great opportunity for someone with vision to update and customize to their own taste. The structure is solid, the layout is functional, and the setting is something truly special. You'll love the natural beauty of the wooded lot, the sound of the creek out back, and the privacy that comes with this kind of space and all just a short drive to Downtown Elgin, I-90, Metra, and everything Elgin has to offer. If you're looking for a home with character, space, and room to grow, this could be the one.
Source: MRED #12353095
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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.