7151 S Luella Ave, Chicago, IL 60649
4 beds · 4 baths · 2,500 sqft
**Charming Four-Bedroom Home in Historic South Shore Neighborhood** Welcome to your new oasis in the heart of the picturesque South Shore neighborhood! This classic four-bedroom, 4-bathroom single-family home exudes charm and character, offering a perfect blend of vintage appeal and modern comforts. With an inviting facade and well-manicured landscaping, this residence is a true gem. Step inside to discover a spacious and light-filled living area, featuring beautiful hardwood floors and classic architectural details that reflect the home's rich history. The cozy fireplace adds warmth and character, making it the perfect spot for gatherings with family and friends. The heart of the home is the eat-in kitchen, equipped with sleek stainless steel appliances, ample cabinetry, and a delightful breakfast nook bathed in natural light. Whether you're preparing a gourmet meal or enjoying a casual brunch, this kitchen is sure to inspire your culinary creativity. Upstairs, you will find four generously-sized bedrooms, each offering its own unique charm. The primary suite comes complete with an en-suite bathroom, while the additional bedrooms provide versatility for family, guests, or a home office. The additional bathrooms are thoughtfully designed to accommodate the needs of a busy household. Situated in a historic neighborhood close to the stunning lakefront, this home offers the perfect backdrop for leisurely strolls, picnics, and outdoor activities. Explore the vibrant community that surrounds you, with local shops, parks, and cultural attractions just moments away. This property is being ** SOLD AS-IS**, providing a unique opportunity for buyers and investors to put their personal touch on a classic home. With its timeless appeal and prime location, this charming residence is ready to be filled with new memories. Don't miss your chance to make this beautiful house your forever home!
Source: MRED #12204046
Interest rate and monthly payment estimated based on public records.
Source: MRED #12204046
Source: Public records
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
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.
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
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.
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.
MLS ID: #12204046
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.