18827 OAKWOOD AVE, Lansing, IL 60438
Welcome home to this stunning 4-bedroom, 3.1-bathroom home in the Oakwood Estates subdivision of Lansing. This magnificent 2-story home boasts luxurious living space and offers a 3-car garage and a fully finished basement. Upon entering the home through the beautiful 2-story foyer, you will notice your formal dining room on the right. Perfect for hosting dinner parties with friends and family, the dining room supports hardwood floors and a large bay window. Continuing through the dining room, you will enter the massive kitchen, which features plenty of cabinet space, stainless steel appliances, and a breakfast area with peaceful views of your spacious backyard. The open-concept floor plan, featuring a gas-log fireplace, seamlessly connects your eating area and living room. The first floor also supports a half bathroom and a laundry room. Heading upstairs, you notice the master suite on your right, with a walk-in closet and a master bathroom. The master bath has two sinks, a separate shower, and a whirlpool soaker tub. The upstairs also features three more large bedrooms, two of which have walk-in closets. The second floor has its own utility closet and, of course, a full bathroom for the children to share. Finally, the bonus room waits for your vision and finishing touches. Heading to the basement, you have your own personal bar with plenty of space for tables, chairs, and storage. It's another great space to entertain your family and friends. While it's time for the present owners to move on, they will miss living in Lansing. Three of their favorite events are the Lansing Good Neighbor Day Parade, Lansing Cruise Nights, and Autumn Fest. All the events in Lansing are free, highly attended, and supported by the community.
You may be able to put down less than the total down payment amount of $198,199 and have the rest of the funds financed with a 2nd mortgage from a lender. 4
Location
Details
How it works
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Tour
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.
Offer
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Close
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
Who can qualify
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.
Frequently asked questions
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.
Will an assumption work for me?
An assumption might be a suitable option for you if you meet the lender’s qualifications. We also offer Roam Boost to help buyers reduce the down payment required to a minimum of 5-15%. See below for more FAQs specific to Roam Boost.
Why do buyers use Roam?
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Roam helps home buyers find and purchase homes with a low-rate assumable mortgage included. Once you find your dream home, Roam manages the process of assuming a low-interest rate mortgage, helping buyers save thousands a year on mortgage payments compared to buying with a traditional mortgage at today’s rates. On average, buyers who use Roam save $15,000 in mortgage payments annually.
MLS ID: #mrd12040474
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.