617 HARLEM AVE, Forest Park, IL 60130
Updated multi-unit property available in highly desirable Forest Park. Property recently remodeled with updated kitchens and baths. Each unit has 2 large bedrooms, one of the bedrooms in each unit has a tandem. Both units have spacious living and dining areas. 1st floor unit has an in unit washer and dryer. 2nd floor unit has washer and dryer connection as well as Nest brand thermostat. The basement unit serves as an in-law apartment, offering one bedroom and an open concept layout. All units are equipped with stainless steel appliances, granite countertops, and ample cabinet space and central air conditioning throughout. The property includes a two-car garage, 1 car carport next to garage and a small backyard. Common coin laundry machines are available in the basement. Currently, all three units are rented. The first-floor unit has previously been a successful Airbnb, earning between $2,500 and $3,000 during peak season in June, July, and August. The property is conveniently located within walking distance of schools, parks, bars, shops, restaurants (just three blocks away), and Rush Hospital is located down the street. It is also minutes from the Blueline, the 290 highway, and public transportation. Close proximity from Downtown Oak Park, Oak Park Metra and Greenline.
You may be able to put down less than the total down payment amount of $214,653 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: #mrd12148800