Welcome to 1215 W 187th St in Homewood, Illinois, a beautifully maintained 4-bedroom, 2 full bath, 1 half bath split-level home with an attached 2-car garage, updated kitchen, multiple living spaces, finished lower-level areas, and a large fenced backyard. This Homewood home offers the space, function, and flexibility today's buyers want, with living areas across the main, second, lower, and basement levels, plus additional unfinished storage and utility space. The main level features a bright and inviting living room with rich wood-style flooring, recessed lighting, neutral paint, white trim, and large windows that bring in natural light. The living room flows into the dining area and updated kitchen, creating a comfortable layout for everyday living and entertaining. The dining room offers backyard views and access to the patio through sliding glass doors. The updated kitchen is a major highlight, featuring dark cabinetry, granite-style countertops, stainless steel appliances, a gas range, built-in microwave, dishwasher, side-by-side refrigerator, tile flooring, modern hardware, and a breakfast bar area with seating. The kitchen connects easily to both the dining room and main living area, giving the home an open and functional feel. Upstairs, the home offers four bedrooms and two full bathrooms. The primary bedroom includes an attached bathroom, good closet space, ceiling fan, neutral finishes, and wood-style flooring. The additional bedrooms are well-sized and flexible for family, guests, a home office, nursery, hobby room, or study space. The lower level adds even more usable living space with a cozy family room featuring a white brick fireplace, a convenient half bathroom, and direct access to the attached garage. The basement level expands the home further with a large recreation room, office area, laundry room, utility space, and additional storage. This flexible lower-level space is ideal for a media room, playroom, workout area, home office, gaming area, or second living room. Outside, enjoy a spacious fenced backyard with mature trees, green lawn space, landscaping, patio area, and room for pets, gardening, play, or outdoor entertaining. The rear exterior offers sliding door access from the dining area, making it easy to enjoy the yard from the main living space. This Homewood split-level home combines an updated kitchen, 4 bedrooms, 2.5 bathrooms, multiple living areas, fireplace, attached garage, finished lower-level space, basement recreation room, office space, laundry area, and a large fenced backyard in a residential neighborhood setting.
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.
