1123 Ashland Ave, Chicago Heights, IL 60411
6 beds · 6 baths · 6,308 sqft
This stunning home (circa 1927) offers over 7,000 square feet of beautifully maintained and thoughtfully decorated living space. From the moment you arrive, you'll admire the home's exquisite architectural details, including leaded glass windows, a soaring tile roof with copper gutters, elegant, spacious rooms throughout and the quality workmanship and materials that simply are no longer available in modern homes. This home is perfect for entertaining as it boasts multiple gathering spaces both inside and out. On the main floor, the living room is grand in scale and easily accommodates 2 seating areas AND a grand piano. It connects beautifully to a cozier family room, which opens up to the lush back yard. Also on this floor is a spectacular media room, with a screen that rolls down on command -- trust me, you will be impressed! The well-appointed kitchen has a large island, a desk area for work or planning menus, both a pantry cabinet and a walk-in pantry, plus a large breakfast room with a separate wet bar and wine refrigerator. High-end appliances include a Subzero refrigerator and a 60 inch commercial Garland stove. The 2nd floor has 6 large bedrooms - the primary bedroom has a luxurious bathroom with heated floors and towel bars, a whirlpool tub and separate shower with multiple shower heads and many custom cabinets. One additional bedroom has an en suite bathroom and the other 4 bedrooms share 2 more bathrooms. Two of the bedrooms have been spectacularly outfitted as home offices with built-ins galore for all of your office needs. They are off of the beaten path (possibly once used for au pairs or guest rooms) but now they are perfectly situated for the privacy needed while working from home. The 3rd floor is a great family friendly place, with soaring ceilings and hardwood floors and has both a large game room and a separate t.v. lounge. Also on this level is a surprisingly spacious room - perhaps once used for work-out equipment, but currently used as a storage room. The clean and open basement has yet another family room with its own fireplace. Outside, the meticulously landscaped grounds feature paver brick walkways & driveway in front and, in the rear yard a lovely two-level bluestone patio overlooking trees, greenery and beautifully curated garden beds - you will also appreciate the upper patio area which offers an outdoor garden workstation for potting and other gardening tasks. The attached garage is heated and has multiple areas that can accommodate additional storage. This exceptional home is a rare opportunity to own a piece of history.
Source: MRED #12296654
Source: MRED #12296654
To qualify, you must meet the current FHA or VA 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%. 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.
FHA (Federal Housing Administration) loans
FHA loans require the buyer to assume the mortgage as a primary residence.
VA (Veteran's Affairs) loans
You don't have to be a veteran to assume a VA loan. However, not all veterans are willing to let a non veteran assume their mortgage. Roam confirms the seller's willingness prior to you making an offer.
Investors
You may be able to assume a VA mortgage as an investor without it being your primary residence.
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.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.