5564 W ARDMORE AVE, Chicago, IL 60646
Welcome to this beautifully updated ranch in the Northwest Side's coveted Indian Woods neighborhood! Just steps from The Edgebrook Woods Forest Preserve, this home truly has it all. The inviting living room features custom accent walls, a cozy fireplace, and a large window that floods the space with natural light. The eat-in kitchen boasts white cabinetry, quartz countertops, a pantry closet, and stainless steel appliances. The spacious bedrooms offer generously-sized closets, with the primary bedroom providing ample space for a king-sized bed. The home's main floor bathroom is equipped with a jetted tub, large vanity, and shelving storage. You'll love relaxing or entertaining in the expansive finished basement, which features a custom wet bar, laundry room, plenty of storage, as well as the home's second full bathroom. A convenient mudroom off the kitchen leads to a large, fully fenced backyard with a patio and direct access to the 2-car garage. Central air, hardwood floors, and impressive closet space throughout! Recent updates include: living room renovation (2022), new roofs on house and garage (2021), new backyard fencing (2022), and updated copper plumbing (2019). Located near the North Branch Trail, Edgebrook Golf Course, shopping, dining, and with easy access to I-90/94, this home is perfectly situated close to all the best this area has to offer!
You may be able to put down less than the total down payment amount of $44,864 and have the rest of the funds financed with a 2nd mortgage from a lender. 4
Location
Details
How it works
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Tour
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.
Offer
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Close
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
Who can qualify
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.
Frequently asked questions
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.
Will an assumption work for me?
An assumption might be a suitable option for you if you meet the lender’s qualifications. We also offer Roam Boost to help buyers reduce the down payment required to a minimum of 5-15%. See below for more FAQs specific to Roam Boost.
Why do buyers use Roam?
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Roam helps home buyers find and purchase homes with a low-rate assumable mortgage included. Once you find your dream home, Roam manages the process of assuming a low-interest rate mortgage, helping buyers save thousands a year on mortgage payments compared to buying with a traditional mortgage at today’s rates. On average, buyers who use Roam save $15,000 in mortgage payments annually.
MLS ID: #mrd12155118