First showings this Sunday December 7th at 1pm - 2:30pm. Feel free to send your clients! Newly renovated, historic greystone 2-unit in the HOT Woodlawn neighborhood! This classic Chicago beauty is perfect for an owner-occupant "house hacker" or a savvy investor looking for strong rental potential in a rapidly appreciating area. The first-floor unit is vacant and easy to show, offering a freshly updated 3 bedroom / 1 bath layout that's move-in ready or ready to rent from day one. You'll love the warm hardwood floors, modern kitchen with updated cabinetry and finishes, and a beautifully refreshed bathroom that gives the space a clean, contemporary feel. The spacious living and dining areas are ideal for entertaining, working from home, or simply spreading out. Each unit has separate gas and heat, with forced-air furnaces in each unit, allowing for individual utility control and helping keep owner expenses manageable. A tall, unfinished basement provides tons of storage now and great long-term potential-whether you envision additional living space, laundry, or other value-add possibilities (buyer to verify with the city). Outside, the property continues to impress: Fenced backyard - perfect for pets, gardening, or summer get-togethers Parking slab that fits two cars - off-street parking is a major plus in the city New rear back porch - added safety, usability, and curb appeal The location is unbeatable. This building is part of the chicago low-income housing trust fund program. This building sits in the heart of Woodlawn, one of Chicago's most exciting growth corridors, just minutes from: Lake Shore Drive and the lakefront The upcoming Obama Presidential Center/Library The University of Chicago, U of C Hospital, and all the surrounding academic and employment hubs Whether you plan to live on the first floor and let the second unit help cover your mortgage, or rent both units for strong long-term cash flow, this property checks all the boxes: updated condition, classic greystone charm, separate utilities, parking, and a prime location in a neighborhood with major ongoing investment. Come see why so many buyers and investors are choosing Woodlawn-this greystone is a standout opportunity!
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.
