Come check out this beautifully maintained, fully rented legal all-brick 4-unit building with a 2-car garage in the heart of Bridgeport! A fantastic opportunity for investors seeking stable cash flow or owner-occupants looking to house hack while offsetting expenses with rental income. The property features a strong unit mix highlighted by Unit 2R, a spacious 3 bed, 2 bath duplex-up currently rented at $2,300/month including one parking space, with tenants paying their own utilities. This unit underwent a full renovation in 2022 utilizing architectural plans and permits through a 203k renovation loan. Unit 2F is a 2 bed, 1 bath rented for $1,725/month including utilities and one parking space. Unit 1R is a 2 bed, 1 bath rented for $1,650/month with tenants paying their own utilities, while Unit 1F is currently rented at $1,235/month including utilities. All four units feature central heating and air conditioning. Unit 2R includes an in-unit washer/dryer, while the remaining three units enjoy access to free shared laundry in the basement. Utility setup includes 5 electrical meters and 4 gas meters, providing flexibility for future expense management and utility restructuring. Major capital improvements provide added peace of mind and reduce future maintenance concerns, including new water service (2022), 3 furnaces replaced in 2021, 2022, and 2023, 2 new AC condensers in 2022 and 2023, basement washer/dryer (2021), Unit 2R washer/dryer (2022), and a roof replacement completed around 2018. Ideally located in sought-after Bridgeport with convenient access to the CTA Orange Line, I-90/94, and I-55 for easy commuting throughout the city. Enjoy nearby green space at Palmisano Park and McGuane Park, along with the neighborhood's growing dining, retail, and arts scene. Convenient coffeeshop, grocery, and shopping options are nearby, making this an attractive location for both tenants and future owner-occupants. Schedule your showing 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.
