Come and see this charming and cozy home nestled in a peaceful suburban community known for its safety, strong neighborhood spirit, and convenient access to Chicago. This beautifully remodeled residence features 3 bedrooms and 2 full bathrooms, with cathedral ceilings that open up the living room to a bright, spacious atmosphere. The home features stunning hardwood floors throughout and a modern kitchen equipped with stainless steel appliances and granite countertops.The bathrooms have been updated with contemporary finishes, and the home offers a nice-sized laundry room for added convenience. Newer windows and central air and heat systems ensure comfort year-round. Outside, you'll find a long concrete driveway leading to a 2.5-car detached garage, plus a back concrete patio perfect for relaxing or entertaining. The large backyard boasts mature tree lines, providing a serene setting on a generous 131 x 90 lot. Imagine mornings in the sunlit living room, evenings on your private patio, and the freedom of a spacious backyard framed by mature trees. This is more than a house-it's the foundation for your next chapter. Situated in a desirable suburban community, residents enjoy close proximity to quality schools, beautiful parks, and a variety of local amenities that enhance daily living. Palos Heights boasts a strong sense of community and safety, making it an ideal place to settle down. Commuters benefit from easy access to Chicago via nearby highways and public transportation options. This home is being sold as-is but promises to deliver warmth, comfort, and a great lifestyle. It's a wonderful opportunity to own a well-maintained, move-in-ready property in a sought-after location that combines suburban tranquility with excellent accessibility. Whether you're looking for a family residence or a solid investment, this address offers appeal for homeowners and investors alike.
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.
