Motivated owner welcomes offers for 7415 Dixon Street, a truly rare opportunity in Forest Park-a classic two-unit property on an oversized double lot, just blocks from downtown Forest Park, Oak Park, and River Forest. Properties offering this combination of space, flexibility, and location are exceptionally hard to find. The main residence spans approximately 2,314 square feet and lives like a single-family home, featuring three bedrooms and two full baths. A gracious entry opens to formal living and dining rooms accented by hardwood floors, crown molding, and abundant natural light. A first-floor bedroom with an adjacent full bath provides ideal flexibility for guests, in-laws, or multigenerational living. The kitchen offers 42" maple cabinetry, ample counter space, and stainless steel appliances, flowing seamlessly into a breakfast area and sunroom with newer Andersen windows overlooking the expansive yard. Upstairs, you'll find two additional bedrooms, a home office, and an expansive family/recreation room, perfect for working from home, entertaining, or creating a separate living zone. The second unit is a self-contained two-bedroom, one-bath in-suite apartment of approximately 700 square feet, currently rented month-to-month at $850 per month, offering immediate income potential or flexibility for owner-occupants. Set on a lush double lot with mature trees, perennial gardens, and two garages, the outdoor space is truly exceptional-ideal for gardening, entertaining, expansion, or future development. The basement provides additional versatility with laundry, storage, and living options. Whether your vision is to enjoy as a spacious owner-occupied home, maximize rental income, or reconfigure into a three-unit investment, this property delivers rare upside in a premier location. Close to restaurants, shops, parks, the Green Line, Metra, and I-290, with easy access to Oak Park, River Forest, O'Hare, and Midway. Bring your vision-opportunities like this don't come along often.
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.
