4316 N Menard Ave, Chicago, IL 60634
5 beds · 3 baths · 2,000 sqft
This elegant five bedroom Chicago bungalow in *prime* Portage Park is traditional on the outside but shiny and new on the inside and upgraded with bells and whistles at every turn! Enjoy an abundant living, dining and kitchen configuration that is centered by a show stopping staircase. Kitchen is spacious and open with a delicate use of the popular gray, brown and white color scheme. Of course, the appliances are all brand new... Custom designed mudroom meets the space and is perfect for unloading after you park in the two car garage. Find two bedrooms on the main level, three bedrooms upstairs and one bedroom in the lower level! This home is larger than it appears from the street. Luxurious spa-like primary bathroom with double bowl sink and LED mirror. There are heated floors in two of the three bathrooms. The lower level offers notable ceiling height without a drop ceiling. Mini split systems are found in every room for your heating and cooling which provide extreme efficiency and the capacity to regulate different spaces. There are also many USB outlets and individual controls for fans/lights and the only component on your gas bill will be the hot water heater. Home is clad with NEW James Hardie board exterior siding and a fully-fenced yard. All you need to do is move right in and enjoy calling 4316 N. Menard home.
Source: MRED #12203861
Interest rate and monthly payment estimated based on public records.
Source: MRED #12203861
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: #12203861
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.