Limited time: Pay only $1,000 to assume a low rate mortgage when you sign a purchase contract between 12/11/24 and 1/10/25 *
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7120 W 96th St, Oak Lawn, IL 60453

4 beds · 3 baths · 2,200 sqft

BEAUTIFUL OAK LAWN NEIGHBORHOOD SPACIOUS 2200SF 1-1/2 STORY 4 BEDROOM/3 BATHROOM BRICK CAPE COD HOME with 2-1/2 Car Garage & long side drive for plenty of Guest Parking! UPDATED KITCHEN WITH GRANITE COUNTERS, MOSAIC TILED BACKSPLASH & HARDWOOD FLOORS! Breakfast counter with recessed Can Lights, Ceiling Fan/Light, Stainless Steel appliances included are Refrigerator, Gas Stove, Built-in Microwave & Built-in Dishwasher, Walk-in Pantry & AWESOME GARDEN WINDOW OVER SINK TO GROW FRESH HERBS ALL YEAR ROUND! Kitchen is Open to Dining Room with Two Decorative Octagon Windows, SLIDING GLASS PATIO DOORS (2016) to Backyard NEW PORCH! SPACIOUS MAIN FLOOR 18'X13' MASTER BEDROOM with Hardwood Floor, Ceiling Fan/light, Closet & attached Half Bathroom! UPPER LEVEL INCLUDES: STAIRS & ALL BEDROOMS HARDWOOD FLOORS! Huge 2nd Bedroom 19'x13'with Walk-in Closet & Ceiling Fan/Light, 3rd Bedroom 15'x13' with Closet & Ceiling Fan/Light, 4th Bedroom with Closet & Ceiling Fan/Light. MAIN BATHROOM WITH CERAMIC TILED TUB/SHOWER, Single Sink Vanity, Mirror, Light, Toilet & Ceramic Tiled Floor, & LINEN CLOSET IN HALL. Finished Basement includes: ENORMOUS 31'X 17' FAMILY ROOM WITH HUGE WET BAR WITH REFRIGERATOR! Recessed Can Light & Vinyl Flooring. De-humidifer stays. Great for Parties & Entertaining! LAUNDRY RM includes Washer, Driver, Shelving & Laundry sink! Storage area with shelves behind furnace BASEMENT FULL BATH INCLUDES STEP IN SHOWER w/door, Linen Closet, single Sink Vanity, Wall Mounted Medicine Cabinet Mirror, Light, & Toilet. Roof on House approx 6 yrs old, Garage 10 yrs old, NEW AC (2022) Furnace (2009) ALL NEW PELLA WINDOWS 2016 & 2024 Except Octagons. (One Basement window not yet installed will be installed by closing) SELLER PROVIDING HSA 1 YEAR BUYER HOME WARRANTY! Don't Wait! A great house like this will not last long!

Roam helps you take over the seller’s lower interest rate 1
We help you assume the seller's mortgage and avoid higher prevailing market rates.
45-day closing guarantee 2
We work directly with the mortgage servicer to help you quickly and easily close the transaction.
VA loan
Eligible for investors
Not a veteran? You may still be qualified to assume the mortgage.
Location
Details
Home
Size
2,200 sqft
Year built
1973
Type
Single Family Residence

Source: MRED #mrd12136972

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?

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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?

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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?

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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?

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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?

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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.

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Resources
Last updated: Oct 21, 2024 06:08 am
Listing agent: Kathy Burke (219) 678-2302
Listing provided courtesy of: McColly Real Estate (219) 934-6300
Details provided by MRED and may not match the public record.
MLS ID: #mrd12136972
Based on information submitted to the MLS GRID as of Dec 21 2024 - 11:58. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Fair Housing Act logo Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.
Disclaimers
1 Roam connects buyers and sellers to homes with assumable mortgages via a concierge service. Roam does not offer or engage in mortgage lending activity.
2 30 day guarantee is subject to credit approval by your loan servicer.
3 The assumable interest rate shown for this assumable mortgage is an estimate using the average of interest rates in this home's area at the time of the last sale. The actual assumable interest rate may differ. Estimated payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Roam connects buyers and sellers to home with assumable mortgages via a concierge service. Roam does not offer mortgage loans, extend credit, make credit determinations, or otherwise engage in mortgage lending or brokering activities. The lender makes all credit and qualification decisions with buyers. Any determination to extend credit to a buyer is a decision by the lender, and not by Roam.
4 The lender makes all credit and qualification decisions with buyers. Any choice to extend credit to a buyer is a decision by the lender, and not by Roam.