1104 63rd St, Downers Grove, IL 60516
3 beds · 2 baths · sqft sqft
A spacious, end unit townhome with private fenced yard and no official HOA?? YES!! It DOES exist! This 3 bedroom, 1.5 bath two story townhome with finished basement is a rare find, indeed. Set back off 63rd St, this home has easy access in/out via the very wide and private alley at the rear of the property (off Carpenter). More spacious than many detached homes, the room sizes are great! Huge living room with built in entertainment shelves/cabinets, open concept kitchen with island and three bedrooms on the 2nd floor, including a very large primary bedroom with a private vanity/sink/closet area in addition to the double closets. Full finished basement with work-from-home space, as well as rec/play space with a dry bar area for entertaining. Laundry is located in the basement, along with ample unfinished storage space. Tastefully updated throughout and in a prime location with many stores right out your door: Green Knolls Shopping Center includes CVS, Ace Hardware, & Dairy Queen. Jewel, Animal Care Center of DG, Teddy's Red Hots, and Chase Bank nearby too. Want more? Downtown Downers Grove is 1.4 miles north! Put this one on your list as a "must-see". Even though the address and front of the home faces 63rd, it is quiet inside and there are no access issues with the garage and parking off Carpenter, so don't let that deter you! While there is no official HOA, all sellers contribute 330 annually to cover the following common area expenses: snow removal (100/yr), sealcoating of the alley (200/yr) and 30/yr for fertilizing. Each unit owner is responsible for their own lawn care/mowing. (Please note: garage roof was torn off and replaced after the exterior photos were taken. One photo shows old roof. One shows new roof.) Seller will need a mid-Jan 2025 closing, preferably with a short rent-back.
Source: MRED #12199766
Interest rate and monthly payment estimated based on public records.
Source: MRED #12199766
Source: Public records
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: #12199766
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