7715 W Patterson Ave, Chicago, IL 60634
4 beds · 2 baths · 1,645 sqft
Welcome home to this beautifully updated 4 bedroom 2 bath home in Chicago's Dunning Neighborhood. Situated on the corner of a quiet treelined street, this home sits on a generous 30x124 foot lot. Enter off the large front porch into the spacious living room and dining room with hardwood floors throughout. The spacious kitchen boasts granite counter tops, bamboo flooring and generous eating area. The first floor offers two nicely sized bedrooms and updated bathroom with blue tooth mirror and rainfall shower. On the second floor you'll find the remaining two bedrooms, keep them separate or create your own master suite! Sliding doors lead to a deck, patio and huge back yard, perfect for enjoying your morning coffee or hosting outdoor parties. Although there is no garage, there is plenty of space to build one in the location of your choice! The recently finished basement offers a second full bathroom and additional 800 sqft of living space. Located conveniently near parks, school, shopping and more, this home is move in ready and waiting for you!
Source: MRED #12310162
Financials
Source: MRED #12310162
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.