521 N Humphrey Ave, Oak Park, IL 60302
3 beds · 2 baths · sqft sqft
Fabulous opportunity for a 3 bed, 1.5 bathroom on an oversized lot. Incredible curb appeal, located at the end of a quiet brick paved and tree lined cul-de-sac with no traffic. Hardwood floors on first floor and massive windows on the south, east, and west means tons of natural light throughout the day. Very open first floor creates flow from foyer to front living room and formal dining space. 1st floor full bath renovated in 2024 with custom extra long jacuzzi tub. Plumbing roughed in to add another full bathroom on the 2nd floor at the same time. 2nd floor ceilings are tall enough to add the bathroom without needing to add a dormer. Enclosed front porch is perfect for morning coffee, or step out the sliding glass doors of the kitchen onto the back porch. Recently partially updated kitchen with dine- in area and a large pantry. Back yard garden has tomatoes and a gorgeous rose bush, with the back deck shaded by a massive oak tree. 2nd Floor is 2 bedrooms with closets and a center room with enough space to add a full bathroom, with a ceiling height that allows for even the very tall to stand upright. Basement is partially finished (formerly used as an additional bedroom) and has a half bathroom off the work/project room located adjacent to the laundry room. Tons of storage space on every level in closets, in the basement, and on the 2nd floor. A convenient front driveway as well as a 2 car garage with wide door to alley and a single car size party door that opens into the back yard. All the parking options means protection from the elements and the ability to host plenty of guests and enjoy the spacious back deck and back yard. Walkable to local schools, shops and the historic district of Oak Park.
Source: MRED #12212739
Interest rate and monthly payment estimated based on public records.
Source: MRED #12212739
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: #12212739
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.