6758 S Hermitage Ave Apt 1 # 1, Chicago, IL 60636
10 beds · 4 baths · sqft
Spacious Multi-Unit Property Near Miles Davis Magnet Academy This exceptional property, located on an oversized corner lot (2 lots), is just across the street and mere steps from the newly built Miles Davis Magnet Academy (STEM School). Offering a combination of two 2-bedroom and two 3-bedroom units, this property presents an excellent opportunity for both investors and those seeking a well-located home. Property Features: 2 Spacious 2-Bedroom Units 1st Floor unit features a modern layout, perfect for comfortable living, ( Currently Occupied). Ground Floor (Gutted): Ready for customization, offering endless potential for upgrades and design. 2 Spacious 3-Bedroom Units. 1 3 apartment is currently occupied, tenants are responsible for utilities such as gas, electric, cable, and internet. The 2nd 3rd floor apartment is vacant but renovated nearly ready for immediate move-in or rental. Additional Highlights: Located within .75 miles of essential amenities including grocery stores, gas stations, local restaurants, and banks (Chase and Bank of America). Close proximity to Green Line Public Transportation for easy access to the city. Great location across from the STEM-focused Miles Davis Magnet Academy. Whether you're looking for a well-located multi-family investment or a property to call home, this corner-lot gem offers plenty of possibilities. Don't miss the chance to make it yours!
Source: MRED #12304375
Source: MRED #12304375
To qualify, you must meet the current FHA or VA 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.
FHA (Federal Housing Administration) loans
FHA loans require the buyer to assume the mortgage as a primary residence.
VA (Veteran's Affairs) loans
You don't have to be a veteran to assume a VA loan. However, not all veterans are willing to let a non veteran assume their mortgage. Roam confirms the seller's willingness prior to you making an offer.
Investors
You may be able to assume a VA mortgage as an investor without it being your primary residence.
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.
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.