Sweet Spot: 2 Bedroom 1.5 Bath vintage condo in the Lincoln Park neighborhood of Chicago. The property has many much-appreciated and unusual features in a floor plan that is unique to the four-unit redstone building: -SPACIOUS MASTER BEDROOM facing south (front) has two full closets. -GARDENS front (common) and back (private). -PRIVACY HALLWAY separates the bedrooms and full bath in the front from entry hallway, kitchen, dining, and living room (mini-Great Room) in the back, which look out onto the private back garden w/Tranquility Fountain. -NEW PORCELAIN COUNTERTOPS, KITCHEN -NEW PORCELAIN TILING, FULL BATH -TILE ENTRY/FOYER/MUDROOM leading into main hallway -HARDWOOD FLOORS both bedrooms, both hallways and Living Room (Mini Great Room) - Inlaid Brick"Popular Patio"which warms in the afternoon sun,f for seasonal dining amongst the plants & flowers and entertaining in the Common Front Garden. Catch the Vision! -IN-LIVING ROOM STAGE for your best artistic performances and true entertaining. -RELAXING "TRANQUILITY FOUNTAIN" in back garden, with goldfish. -NEW LIGHT FIXTURES Foyer Entry,Kitchen, Eat-in Counter, Dining Room, Full Bath and Half Bath -"THE DUGOUT" a delightful seasonal outdoor work or chill space on your entry's landing, where you can watch the world walk by, catch up on e-mails or download the images you took at the show last night, just off the front garden in the cool shade-in season now. -PRIVATE ENTRY with mail slot. -"THE KEEP", a limited access storage area for important items. -RAISED LIVING AREA accessed by broad steps on both sides of the kitchen -GALLEY KITCHEN with eat-in counter and attached dining room; broad steps lead to the stage landing from the dining room which provide perfect additional makeshift seating for parties. -RIGHT ALONG THE 606 GREENWAY DICKENS EXTENSION designated on West Dickens Ave to and from Wicker Park/Humbolt Park/Logan Square to the Zoo and Lakeshore Beaches for everyone. -IN UNIT WASHER & DRYER 350 West Dickens Ave is walking distance to numerous schools. The property has convenient, easy proximity to all types of eating and drinking establishments and shopping along North Clark St, North Lincoln Ave, North Halsted, Old Town and Wells Street. For example, the corner of West Dickens at North Clark, just steps away, has three different coffee shop options currently. Convenient proximity to bus stops include the 22 and 36 steps away at N Clark at W Dickens, and the 151 &156 nearby on Stockton. Fourteen minute vectored walk to North Avenue Beach via the pedestrian bridge near North Avenue Beach Center.
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.
