2439 N Harding Ave Apt 1f # 1F, Chicago, IL 60647
7 beds · 5 baths · sqft sqft
ASSUMABLE MORTGAGE AT 2.75! Extremely rare opportunity to purchase an updated turn-key brick legal 4 unit on an oversized lot in Logan Square with high cash flow potential from ASSUMING THE MORTGAGE. Keep the ultra-low rate and capitalize on a huge opportunity to have very minimal living expenses as you live in one unit and rent out the others. This property is comprised of two front 1 bed/ 1 bath units, the largest layout with separate living rooms, two rear 2 bed/1 bath units, and a non-conforming garden unit. 4 units feature in-unit washer/dryers installed in 2019. Building has a 2020 main boiler, copper water lines, 200 amp electrical service, well maintained roof, 2019 water heater, recent tuckpointing, new concrete patio and newer parking pad to fit 3 cars. Hardly anything to do as property was rehabbed in 2019/2020 and 4 units were renovated with brand new kitchens with white shaker cabinets, stainless steel appliances, and granite counter tops. Vinyl windows and hardwood floors in each of the units. Updated and spacious bathrooms with white subway tile. Amazing location, 1 block away from Healy Metra, Logan Square farmers market, Kosciuszko Park, Aldi, Park & Field, and more! We may never see 2.75 interest rates ever again! Don't miss this exceptionally rare opportunity. Owner occupancy required for assumption. Current assumable loan balance is 638K.
Source: MRED #mrd12207720
Interest rate and monthly payment estimated based on public records.
Source: MRED #mrd12207720
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: #mrd12207720
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.