318 E 2nd St, Lockport, IL 60441
4 beds · 3 baths · 1,564 sqft
Charming Brick Bungalow in the Heart of Lockport! Welcome to 318 E. 2nd St., a beautiful brick bungalow offering a unique blend of historic charm and modern convenience. Nestled in the heart of Lockport, this home immediately captivates with its lush vegetation and oversized yet cozy front porch, perfect for relaxing in privacy. The property sits on an extra-large lot with a magnificent gated and fenced backyard, complete with an above-ground pool-ideal for summer fun and outdoor entertaining. Step inside to an open and airy living/dining room bathed in sunlight, featuring beautiful natural hardwood floors, built-in shelving, and elegant crown molding. The kitchen is a chef's delight, equipped with shaker cabinets, quartz countertops, a tile backsplash, and newer appliances :refrigerator and dishwasher (2023). The main level boasts four spacious bedrooms and 1.5 baths, offering plenty of room for comfort. The completely finished basement provides additional living space, featuring two more bedrooms, a full bath, a recreation room, and a large full bath-perfect for guests or extra family space. This home is also energy-efficient, thanks to new solar panels with transferable ownership, reducing utility costs. Located just blocks from shopping, parks, bike paths, schools, and downtown Lockport, and minutes from I-355, this home offers the perfect combination of spacious comfort and convenience.Checks all the boxes!!
Source: MRED #12319193
Source: MRED #12319193
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%. 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.
Other resourcesWhat 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.