7824 S Ellis Ave, Chicago, IL 60619
3 beds · 3 baths · 1,500 sqft
WORTH THE RATE!! THE GEM OF GRAND CROSSING! Beautifully rehabbed blonde brick Georgian! This home has 3 beds and 2.5 baths! When you walk in, you are greeted with a gorgeous high-end ceramic tile accent wall with an electric fireplace and a huge flat screen TV included in the sale.This space, in conjunction with the kitchen and the oversized backyard, is great for entertaining family and friends for the holidays! The kitchen also has a huge farm style sink, top of the line BLACK stainless appliances (dishwasher too! No more hand washing dishes!), a huge island with a marble countertop, and custom dark cabinets that contrasts well with the flooring that continues throughout the first floor and basement level. Let's also not forget the powder room/half bathroom that's perfect for guest! The basement is completely open and finished which is great for the added SPACE and second family room. The basement also has a full bath with a stand up shower and has a stack-able washer and dryer. The second level is the sleeping quarters for the family where the second full bath is and three nicely sized rooms. The owner's room can fit a queen or king size bed frame. Come see it for yourself!! It also has a 2 car garage with a new garage door and slab extension which is great for a good old fashioned backyard BBQ. All the mechanics in the home (plumbing, electrical, HVAC) were updated in 2022. Across the street from Betty Shabazz International Charter School and minutes from the brand new Discover Call Center which will bring tons of new jobs to the area! The home is also in walking distance from a local park and plenty of local grocery stores and other merchants.
Source: MRED #mrd12173672
Source: MRED #mrd12173672
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: #mrd12173672
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