** Multiple offers received. Seller requests 'Highest & Best' offers by 5pm, Tuesday, May 5th ** Wait til you see the beautiful updates the current owners have made to this fantastic MCM home just a few doors from Lake Michigan with ravine and seasonal lake views! Designed by J. Marion Gutnayer, this lovely 2-story brick, stone & glass mid-century modern home is filled with natural light thanks to many large windows throughout. Set on a fantastic lot that's all table land, you'll appreciate the ledgestone facade mixed with brick as you approach the front door. Enter into the bright foyer with its bluestone floor, and you'll find a main level bedroom and full, refreshed bath with repainted cabinets and beautiful new tile floor, a den with 2-sided stone fireplace and sliders to a patio, and the 2-story studio (which still has its original terrazzo floors), open-riser stairs to a loft with original hairpin-style railings, exposed brick, plank and beam ceilings and vintage MCM light fixtures. A couple of steps up on the main level is where you'll find the open dining area and spacious living room, both with new terrazzo floors. Here, the other side of the 2-sided fireplace is a focal point for the living room area, and large windows and sliders face north and east towards the lake offering wonderful views year-round, plus seasonal lake views. But what you'll be the most dazzled by is the spectacular new kitchen. An elegant slat wall delineates the kitchen from the dining area while still allowing natural light to flow between the two spaces. The custom kitchen features rich walnut cabinetry with new old stock vintage hardware, all new appliances by Samsung, Thor and Dacor, color-coordinated counter tops and a large cooktop island with counter seating and lots of storage. Beautiful, era-appropriate tile serves as the backsplash for the wall of the kitchen with the large window looking out to Ravinoaks Ln. Upstairs are two more spacious bedrooms and another full bath. Both bathrooms feature vintage mid-century tile & fixtures for some great MCM character. Also...a partial basement, 2-car garage, and a covered bluestone patio area plus an original cold frame in the back yard. Multiple rooflines, Roman brick, stone and more authentic MCM details will make you swoon. Set in an absolutely fantastic location east of Sheridan Road that backs to ravines, this wonderful home offers the perfect combination of a true architect-designed mid-century modern house with loads of architectural character, a very usable lot, ravine access and proximity to Lake Michigan without ravine responsibility or lakefront taxes! New Kitchen 2024; New Kitchen / Dining Room / Living Room terrazzo floors 2024; New sliding door & kitchen door 2024; New electrical panel & exterior electrical box 2024; New landscaping 2024; Main level bathroom refreshed 2023; Radon mitigation system 2022; Driveway resurfaced 2022. Don't miss your chance!
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.
