6326 W BERENICE AVE, Chicago, IL 60634
Welcome to your newly updated haven! This 2 bed plus Den and 2 bath has the perfect blend of modern aesthetics and thoughtful design, creating an inviting atmosphere that you'll be proud to call home. Situated in a prime location near Merrimac Park, this home offers the ideal combination of comfort and convenience. Experience the seamless flow between the living, dining, and kitchen areas. Perfect for entertaining guests or enjoying quality family time. The heart of the home features a brand new kitchen with ample storage space, custom cabinetry, and a spacious pantry. Enjoy newly refinished hardwood flooring throughout the home, complemented by modern fixtures and finishes. Primary bedroom features a generously sized double closet, ensuite bathroom, and private balcony. The second bedroom is located conveniently on the main floor. The Den is spacious and ideal for a home office or additional bedroom; this flexible space can be customized to suit your lifestyle. Enjoy the latest smart home features like smart switches with app controlled lighting. Located on a large lot with a canvas front yard space awaiting your ideas. December 2021 full tear off roof. Close to schools, parks, shopping, and many dining options! Broker has a direct interest in the property.
You may be able to put down less than the total down payment amount of $154,568 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: #mrd11959111