Excellent Investment Opportunity in a Thriving Cicero Neighborhood. Discover this beautifully maintained all-brick 3-flat apartment building situated on an oversized lot along a tree-lined street in one of Cicero's most desirable neighborhoods. This turn-key property presents a rare opportunity for both savvy investors and owner-occupants alike. Each unit offers a spacious 3-bedroom, 1-bath layout, featuring separate utilities with tenant-paid gas and electric for maximum efficiency. The second-floor unit has been tastefully updated with laminate flooring, a fully remodeled bathroom with floor-to-ceiling tile, standing shower, and modern fixtures. The building has been exceptionally cared for with a new stairway runner installed. Outside, enjoy a private, well-kept yard ideal for outdoor living, and a detached 3-car garage offering ample parking and additional storage. Property Highlights 1st Floor Unit: Spacious 2-bedroom/1-bath, access to common laundry and utility area-perfect for consistent rental income. 2nd Floor Unit: Tastefully updated 3-bedroom/1-bath with long-term tenants who would love to stay; ideal for owner-occupancy or premium rental potential. 3rd Floor Unit: Expansive 3-bedroom/1-bath with an open living/dining area and breakfast nook, offering strong rental appeal. All units feature bright, comfortable living spaces, combined living/dining rooms, and eat-in kitchens. The fully paved backyard and secure gated fence enhance curb appeal and privacy. Currently fully occupied, this property generates steady income from both long- and short-term tenants. Live in one unit and let the others help with your mortgage, or rent all three for exceptional cash flow potential. A basement laundry facility adds further convenience for tenants. Location & Lifestyle Nestled on a quiet, well-cared-for block surrounded by proud homeowners, this property is just minutes from parks, schools, shopping, and public transportation. The area's ongoing growth and revitalization make this a solid and promising investment for years to come. Don't miss out on this stylish, income-generating gem-schedule your private showing today and secure your spot in one of Cicero's most vibrant neighborhoods!
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.
