1061 W 16TH ST APT 209 # 209, Chicago, IL 60608
Constructed in 1890 as a box factory and then converted into 42 lofts in 2006 by Lipe Properties this 2 bed / 2 bath set in the heart of vibrant Pilsen is just two blocks from the heart of 18th Street and all that Pilsen has to offer! Enter from an expansive outdoor patio perfect for alfresco dining into a beautifully redone classic yet contemporary kitchen that features floor to ceiling white subway tiles, a large pantry, newer stainless appliances, white quartz counters and an island perfect for food prep and informal dining. Your senses are engaged by all of the exposed brick and a full accent wall of reclaimed wood in the living room, huge expanses of natural light from oversized windows and soaring 12'+ timber ceilings. There are two fully enclosed bedrooms with the primary suite including a primary bath with double bowl vanity and large shower/tub. The second bedroom has been adjusted to open up the living area more yet easily accommodates a twin bed. The spacious versatile living area offers many options for dining as well as work from home office space. One parking space included, a 2nd spot available for $20K. In-unit washer & dryer, central AC and external additional storage complete this amazing offering! No more than 2 pets per household with no weight limit. Experience the pulse of Pilsen, the tranquility of neighboring University Village, the energy of UIC, and proximity to the South & West Loop. Conveniently located to the Jane Byrne Interchange connecting I-290, Ida B. Wells Drive, I-90/94, and I-55, as well as the Metra and CTA, yet also very walkable.
You may be able to put down less than the total down payment amount of $101,913 and have the rest of the funds financed with a 2nd mortgage from a lender. 4
Location
Details
How it works
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Tour
Whether you have an agent or you’re just starting your search, reach out to us and we’ll help set up a home tour.
Offer
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Close
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
Who can qualify
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.
Frequently asked questions
What is Roam?
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.
What is an assumable mortgage?
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.
Why is an assumable mortgage valuable?
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.
Will an assumption work for me?
An assumption might be a suitable option for you if you meet the lender’s qualifications. We also offer Roam Boost to help buyers reduce the down payment required to a minimum of 5-15%. See below for more FAQs specific to Roam Boost.
Why do buyers use Roam?
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Roam helps home buyers find and purchase homes with a low-rate assumable mortgage included. Once you find your dream home, Roam manages the process of assuming a low-interest rate mortgage, helping buyers save thousands a year on mortgage payments compared to buying with a traditional mortgage at today’s rates. On average, buyers who use Roam save $15,000 in mortgage payments annually.
MLS ID: #mrd12049653
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.