One of the most versatile homes in Winnetka remodeled, income-producing, and designed for the way buyers want to live today. Welcome to 7020 Oakdale Ave, a beautifully upgraded and move-in ready home located on a desirable, well-maintained street in Winnetka known for strong pride of ownership. This property combines modern upgrades, income potential, and energy efficiency, making it a standout opportunity for today's buyers. Properties with permitted ADUs and income potential like this are becoming increasingly sought after in today's market. The home features a fully remodeled open-concept floor plan with a modern kitchen and living area designed for both comfort and functionality. The kitchen showcases custom shaker cabinetry, a large center island with quartz countertops and designer backsplash, stainless steel appliances, farmhouse sink, and a gas cooktop with downdraft ventilation. Recessed lighting and ceiling fans enhance the space, while luxury vinyl plank flooring and new baseboards run throughout most of the home. Both bathrooms have been remodeled with high-end finishes. The primary bathroom includes double sinks, quartz backsplash, designer tile flooring, and a fully tiled shower and tub enclosure. The secondary bathroom has been converted to a full bath and features a tiled shower, modern finishes, and a convenient stacked washer and dryer area. Both bathrooms include recessed lighting with heat and ventilation systems. Major system upgrades include copper and ABS plumbing extending to the main sewer line, an upgraded 200-amp electrical panel with two meters, and two tankless water heaters, providing efficiency and long-term reliability. The home offers three bedrooms plus an additional bonus room currently configured as a fourth bedroom, providing flexible use for additional sleeping space, office, or studio. One bedroom includes a partial divider for shared use, which can easily be removed. A key highlight of the property is the fully permitted JADU with its own address at 7018 Oakdale Ave, offering excellent flexibility for rental income, multigenerational living, or a house hack opportunity. The ADU is currently generating approximately $2,400 per month (buyer to verify), features a private entrance, open layout, and separate electrical meter, and shares water and gas with the main house. The backyard features a large concrete patio and expansive yard with room for a pool or further outdoor enhancements. The exterior has been freshly painted, adding to its curb appeal. Solar system will be paid off through closing, providing energy efficiency and long-term savings with no lease or loan for the new owner. Located near local amenities, shopping, dining, and commuter routes. Nearby schools include Shirley Avenue Elementary, which reflects strong ratings on GreatSchools (buyer to verify).This is a rare opportunity to own a remodeled home with built-in income potential in a desirable Winnetka neighborhood. Information deemed reliable but not guaranteed. Buyer to independently verify all information including square footage, permits, room count, and property features.
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.
