15316 S Corbin St, Plainfield, IL 60544
4 beds · 2 baths · sqft
Rare & Golden Opportunity ! This charming 3-4 bedroom ranch-style Cape Cod offers endless possibilities and is ready for someone to bring it to life . While it needs some updating & TLC, the potential is undeniable! A Sears Roebuck Home which adds more history and charm. The seller is hoping it won't be tear down but instead a rehabbed home to keep it's historical integrity. With its timeless character, including some original hardwood floors and doors, this home is the perfect canvas for your creative updates. Featuring two full baths, including one in the fully finished basement, a detached one-car garage, and a nice-sized yard, it offers both functionality and charm. The property boasts a NEWER roof and furnace, giving you a great head start. Situated on a beautiful street with some larger, updated homes, this offers a chance to add tremendous value! The location can't be beat! Close enough to walk to the action but far enough away from the noise & traffic. Enjoy walking a block to the Ottawa Street pool and pickleball courts in the summer. The nearby Lockport Street restaurants, entertainment, library, and schools are also a short walk or bike ride away. Whether you're looking for a project to flip by spring or a home to make your own, this is a chance you won't want to miss. Act fast-this gem won't last long! Investors- need to close on a property before year end? This property is perfect ! Do the rehabbing over the winter months to be ready for the Spring Market! **SOLD AS-IS Newer roof and furnace but the house needs updating, and TLC! Not sure if appliances work. Central air does not work.
Source: MRED #12211760
Interest rate and monthly payment estimated based on public records.
Source: MRED #12211760
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: #12211760
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