Back on the market after a last-minute cancellation-this home was just about to close. Their loss is your opportunity to step into a property with major updates already completed and incredible value built in. Opportunity is knocking-and it won't last long. This spacious 4-bedroom, 2.5-bath bi-level home with sub-basement in Lockport offers flexibility, functionality, and room to grow, all priced below market value for a timely sale. Located just minutes from Lockport Township High School, approximately six minutes from I-355, and about 30 minutes from downtown Chicago, this home delivers the perfect balance of neighborhood living and commuter convenience. Inside, you'll find 1,548 square feet of well-designed living space, including a private lower-level bedroom suite with its own full bathroom, walk-in shower, and oversized walk-in closet-ideal for related living, guests, or a private retreat. The sub-basement provides even more flexible space for a recreation room, additional living area, or future customization. Recent updates include all new trim, interior doors, closet doors, and hardware throughout, along with newer stainless steel appliances (less than 2 years old). A new water softener has been installed, HVAC is in good condition, and the seller has already purchased a home warranty for added peace of mind. Flooring materials are included and ready for installation, giving the next owner a head start on finishing touches. The main level features soaring ceilings and an open, airy feel that flows seamlessly into the living room and kitchen. Sliding glass doors lead directly to a fully fenced backyard designed for entertaining, complete with a pool, gazebo, and patio furniture that will stay with the home. This property offers strong bones, a desirable layout, and mostly cosmetic updates needed-including paint and general cleaning-making it a great opportunity to build equity quickly. Homes with this much space, location, and value-especially with so many updates already completed-do not last long. Schedule your showing today before this opportunity is gone.
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.
