You're invited to tour this beautifully maintained and thoughtfully updated bi-level brick home-your next oasis in Park Ridge! Step inside and you'll be greeted by a bright open-concept layout featuring gleaming hardwood floors throughout the main level and floor-to-ceiling windows that fill the living and dining areas with natural light. The impressive kitchen boasts white cabinetry, quartz countertops, and an elevated gourmet feel. This home offers 3 spacious bedrooms and 2 full baths-with one bedroom and full bath conveniently located on the main level, and two additional bedrooms plus a full bath upstairs. Both bathrooms feature modern finishes, including a defrost mirror with exceptional lighting. The renovated family room includes a new window, fresh brick tile fireplace surround, and six recessed lights, creating the perfect setting for cozy movie nights. Additional updates throughout the home include new hallway fixtures, newer ceiling fans, and energy-efficient smart LED sconces outside the garage. The exterior has been equally enhanced with a widened driveway (extra 2.5 feet), new concrete in the driveway and garage, an insulated garage door and windows, and fully finished garage walls with outlets on every wall and super-bright LED shop light panels. The utility room features newer vinyl flooring, and the crawl space has been upgraded with closed-cell spray foam insulation, moisture barrier, and concrete flooring. For the eco-minded, this property is equipped with solar panels and a Tesla Power-wall battery backup system, plus a Tesla charging dock-ready for your electric vehicle of choice. Location highlights: This home is within the highly desirable Maine South High School district, walking distance to the Dee Road Metra station, and just minutes from both downtown Park Ridge and downtown Des Plaines, offering easy access to shopping, dining, and commuter routes. This home truly blends modern updates, energy efficiency, and an unbeatable location-don't miss the chance to make it yours!
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.
