528 Sheridan Rd, Winthrop Harbor, IL 60096
3 beds · 2 baths · sqft
Charming Multi-Unit Home Near Lake Michigan in Winthrop Harbor. Welcome to your perfect investment opportunity in the picturesque town of Winthrop Harbor! This charming multi-unit property offers the best of both worlds: a cozy residence and potential rental income. **Main Level**: Step into the beautifully updated 2-bedroom, 1-bath unit featuring original wood floors that add character and warmth. The spacious living area is perfect for relaxation, while the modern kitchen boasts contemporary appliances and ample storage. Enjoy your morning coffee on the inviting front porch or host gatherings in the lovely backyard. **Second Unit**: The 1-bedroom, 1-bath unit is a fantastic income-generating opportunity. It offers a comfortable living space with its own entrance, making it ideal for long-term renters or vacation guests. The layout is efficient, featuring a bright living area and a well-appointed kitchen. Situated just moments from the stunning shores of Lake Michigan, you'll enjoy all the outdoor activities the area has to offer, from beach days to boating adventures. Winthrop Harbor is known for its friendly community, local shops, and dining options, making it an attractive destination for both residents and visitors. Whether you choose to live in one unit and rent the other or maximize your income with both units, this property presents an incredible opportunity in a highly desirable location. Don't miss out on this unique property that combines the charm of a home with the potential for additional income. Schedule your private showing today!
Source: MRED #12166970
Source: MRED #12166970
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: #12166970
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.