Welcome future homeowners and landlords to this ideal home and incredible value for the investment minded homebuyer. This classic, Chicago two-flat, has been meticulously maintained by its owner. Situated a short distance from the Pullman Historic District and Metra, this building offers an incredible opportunity to own with income producing potential. This Massive two flat checks all boxes! Enter into the oversized units to discover gleaming hardwood floors throughout and original woodwork preserving the character and charm of historic Chicago architecture. Both units feature expansive floor plans with oversized living and dining rooms. Each living room is centered around a charming brick fireplace, adding warmth and character to the space. Unit 1 offers three generously sized bedrooms and an updated full bathroom. Unit 2 features four spacious bedrooms and one full bathroom. The long, thoughtfully designed hallways create a natural separation between the living areas and the spacious kitchens, enhancing both privacy and functionality. The oversized, well-maintained basement includes a shared laundry area and offers tremendous potential for additional finished living space. With the appropriate approvals and due diligence, the basement may present an opportunity for future duplex-down living space. Each unit is equipped with individual central air units and furnaces. The beautifully landscaped yard sits on a rare double lot, offering ample space for privacy and entertainment. The fenced yard includes a two car garage and two additional parking spaces in the rear of the home. Own a multi-family home with low taxes! This home qualifies for the City of Chicago HomeGrown Purchase Assistance Program! Best price on the market! Schedule your showing soon!
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.
Yes. Non-veterans can assume a VA loan, provided they meet the lender’s VA criteria. When a qualified buyer assumes a VA mortgage from a veteran or active-duty service member, the seller’s VA loan entitlement remains tied to the assumed loan until the buyer pays off or refinances the loan. This process restores the veteran seller’s entitlement, enabling them to use their VA benefit for a future home purchase.
Yes. All FHA loans are assumable by law as long as the buyer meets the FHA’s credit, income, and qualification requirements and obtain lender approval before assuming the loan (per FHA regulations effected December 15, 1989). Roam makes this process simple for buyers.
Generally, conventional loans are not assumable. In rare cases, a conventional loan may be assumable with lender approval. Use our search tool to find homes with assumable low-rate loans, or reach out to us if you’d like to confirm a specific home’s assumability.
