Introducing a stunning, 4-bedroom, 3-bathroom duplex down located in East Woodlawn! This residence features a bright and spacious living area, thoughtfully designed with both upper and lower levels ideal for entertaining and relaxation. The open-concept layout effortlessly connects the living room to a modern kitchen, equipped with sleek countertops, stainless steel appliances, and ample cabinetry.The main floor boasts a generous great room, a convenient walk-in pantry, a well-proportioned second bedroom, a hallway bath, and a luxurious primary bedroom complete with abundant storage and a secluded rear deck. The primary suite exudes the feel of a high-end hotel, featuring a walk-in closet and a lavish bath adorned with designer finishes and a spacious tiled shower.The lower level impresses with soaring ceilings and oversized windows, along with in-unit laundry, a vast family room, and two additional spacious bedrooms with a well-coordinated full bath. Neighboring the University of Chicago, Jackson Park Golf Course, South Shore Cultural Center, the Presidential Library, and the Metra, this property provides effortless access to all that Chicago has to offer, including convenient access to Lakeshore Drive. This unit is perfect for both primary residence seekers and savvy investors. Included is one garage space and additional storage. Don't miss out on this exceptional opportunity-schedule your private tour today!
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.
