Updated and well cared for yellow brick bungalow in Gladstone Park! Welcome to this quiet stretch of Peterson Ave, where this home sits facing south to soak in the sunlight and has a wide 30' lot. Located within Onahan Elementary School Boundaries, and very close to Rosedale Park. The main level features a wide living room with large south facing windows, gracious dining area, the primary bedroom, an updated full bathroom, and an open kitchen with a large family room! The kitchen has granite counters, new stainless steel appliances (2022), and a breakfast bar. The family room is very spacious and is the perfect place for entertaining! There is a pantry and large storage closet, and the door out to the new deck. The 2nd floor has 2 bedrooms with newly installed flooring, and a 2nd full bathroom with a walk-in shower. The finished lower level has great bonus spaces, including a large recreation room open to a classic tap ready Chicago bar with paneled walls and a sink, and is adjacent to 2 cellar-like closets that are just begging to be your new wine storage rooms! The lower level also has an office; a large laundry room with new washer/dryer (2021), utility sink, and a double oven; and a utility room with a new boiler and updated copper plumbing (2021), new hot water heater (2020), and another utility sink! The backyard has been updated with a brand new garage in 2021 (including new concrete pad and rear Chicago "party door"), brick paved patio (space between deck and garage), a turfed back yard (~1/2 the back yard, the east side), new composite deck, and new white PVC privacy fence! Other updates include new electric panel (2021), added a plumbing cleanout in the front yard, new ac unit in family room, and new windows (2022)! This home is well cared for and move-in ready! Close to 2 Metra stops, easy access to 90/94, and near Edgebrook Woods Forest Preserve for walking, biking, sledding and more!
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.
