Come experience functional living at 382 Chappel Ave, in the friendly community of Calumet City. Conveniently situated right off the I-94 Bishop Ford Expressway, it offers easy access to nearby fresh produce markets like Pete's and is just a short distance from shopping at Macy's in River Oaks Mall. This prime location fulfills all your essential needs. This bright home is ideal for a growing family or investors. With two spacious living areas, it's perfect for family gatherings or when you need extra space. The lower level connects the living room, kitchen, and the backyard, creating a seamless flow that's perfect for entertaining. The updated kitchen features granite countertops and stainless steel appliances, allowing for memorable family dinners. The living room opens to an oversized backyard with an attached deck, perfect for summer barbecues, making it the perfect backyard oasis. A half bath on the lower level is convenient for guests. As you head upstairs, you'll find three spacious bedrooms with ample closet space for storage. The primary bedroom includes his and her closets. This home also comes with a 2-car garage, protecting it from snow and bad weather. Ongoing improvements in the area, such as the approved IDOT plans to enhance I-94 Bishop Ford, along with the recent openings of Calumet Grocery Store and Burlington Shopping, have brought new job opportunities to the community. Calumet City is truly living up to its potential. Enjoy community events like the Line Dance Party and the World's Largest Steppers Family Cookout and Dance, both of which were hosted last summer. Experience life in a community where you can enjoy time with family and neighbors.
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.
