5601 N SHERIDAN RD APT 4A # 4A, Chicago, IL 60660
Welcome to the iconic "Statesman" building, a boutique Edgewater Beach high rise with a phenomenal location along the beachfront, moments from Kathy Osterman Beach! This "A" Tier unit, offering 1,300 SF is the biggest unit in the building with an East view and exceptional privacy with no one located below you and a huge and private, 20', balcony overlooking lush green Lincoln Park. This spacious unit features 2 bedrooms and 2 bathrooms with an ideal open concept floor plan. The abundance of windows allows the natural light to flow in helping to keep the unit light and bright. The home has been freshly painted and the gleaming hardwood flooring has been recently buffed. The living room provides ample space to entertain your family and friends and has convenient access to the inviting balcony. The updated kitchen is sure to WOW you with rich maple wood cabinets, granite countertops, stainless steel appliances with a panel ready dishwasher that seamlessly integrates with the kitchen. Whether you are preparing a gourmet meal or preparing a quick snack, this kitchen is sure to inspire your culinary creativity. The spacious primary bedroom boasts an attached ensuite bath with a tub/shower combo and access to the balcony - this is the perfect spot to enjoy your morning cup of coffee. The secondary bedroom is roomy with easy access to the full bathroom in the hallway with a shower. This well-managed building features a huge sundeck with a firepit and BBQ grills, onsite engineer, bike room and a private storage locker. Heated garage parking is transferrable for Lease to the new owner. New electrical panel box installed in 2007. Pet friendly building. The Statesman is located in the Bryn Mawr Historic District with plenty of shopping, dining, entertainment options as well as easy access to the lakefront and beaches. Bryn Mawr Red Line is only 3 blocks away and multiple bus stops are close by. This property has it ALL! Schedule your showing today!
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: #mrd12127516