1144 N Austin Blvd Apt 1 # 1, Oak Park, IL 60302
6 beds · 3 baths · sqft
Beautiful two flat building on a double lot in Oak Park ready for the perfect investor looking for a turn key investment property or an owner looking for an amazing unit to live in while collecting rent. The first floor unit is a duplex with a fully finished walkout basement. The main level of this unit has one bedroom, a den/office that can be used as an additional bedroom, open concept floor plan connecting the living room, dining room and kitchen along with a full bathroom. Hardwood floors throughout the first floor. Walk downstairs to a family room, three bedrooms and a half bath. Spacious laundry room. The second floor unit has two bedrooms, open concept floor plan and a full bathroom. All new appliances. There is a balcony area where you can sit outside and enjoy the weather. In the back of the building is a parking lot with five spaces. The yard can easily provide wonderful outdoor space for both units to use. Convenient location, close to public transportation and 10 minutes away from Downtown Oak Park.
Source: MRED #mrd12043416
Interest rate and monthly payment estimated based on public records.
Source: MRED #mrd12043416
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: #mrd12043416
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.