629 Old Forge Ln, University Park, IL 60484
3 beds · 2 baths · 1,826 sqft
Welcome to this well-maintained 3-bedroom, 2-bathroom tri-level home nestled in the heart of University Park! Featuring a thoughtful layout with modern updates and energy-efficient additions, this home is move-in ready and offers both comfort and convenience. Step inside to discover a bright and inviting living space that flows into the updated kitchen, complete with a new stove (2021) and dishwasher (2022)-perfect for home chefs! The lower-level family room features a cozy fireplace with a brand-new propane gas log set (2021), making it an ideal spot for relaxing evenings. Right off the garage, you'll find a versatile space that can serve as a home office, gym, or extra storage area. Additional updates include a new HVAC system (2021), a new sump pump (2022), and solar panel installation (April 2022), ensuring energy efficiency and cost savings for years to come. Located in a desirable neighborhood with easy access to parks, schools, shopping, and dining, this home is a must-see! Don't miss your chance to make it yours-schedule a showing today!
Source: MRED #12320228
Financials
Source: MRED #12320228
Source: Public records
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%. 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.
Other resourcesWhat 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.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.