1061 W 16th St Apt 209 # 209, Chicago, IL 60608
2 beds · 2 baths · 1,251 sqft
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.
Source: MRED #mrd12049653
Source: MRED #mrd12049653
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
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.
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
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.
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.
How can you find assumable mortgage listings?
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 “Get Notified” 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.
How do I qualify for an assumable mortgage?
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.
MLS ID: #mrd12049653
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.