8819 S Throop St, Chicago, IL 60620
4 beds · 3 baths · 1,795 sqft sqft
Note: Seller will consider a lease-option to purchase. 10K get in. Call listing agt. Completely rehabbed and rebuilt this home into close to 2700 sq feet of living space, from a completely finished basement with full bath (toilet, sink,walk-in shower) to main floor with new kitchen, dining room, and front living room, a couple bedrooms, room for home office, to an expansive and somewhat private upstairs oasis with more rooms, washer/dryer upstairs for convenience. Tons of storage built into the house so it will not look cluttered. The is not a typical quickie style rehab. The owner included lots of custom features not found in other flipper style rehabs. For example, there is controlled lighting, voice activated controls, voice activated heating and cooling, tastefully done automation. Seller spared no expense in the rehab. Everything stays with the house. The owner has moved on to other projects. The building has newer mechanicals (new water heater and furnace) all new circuit breaker system, state-of-the-art security systems. High end kitchen. Because you have so much actual usable space this is the perfect property for co-buyers, because it would be easy to generate income from several roommates that could live in privacy from each other. Downstairs there is a living area, setup at the moment as a music room. The basement area stays dry and is fully finished. There is space for a work room if you want to work on projects, there are additional rooms built for storage, etc. The property has the ability to park at least 6 cars off street which is a big plus, and on-street parking is plentiful. You have newer energy efficient windows, custom window coverings, ceiling fans, functional electric "fireplace" for those cold winter nights. Tastefully done decor and priced right. Note: A few images are virtually staged with furniture to give you a feel for room sizes. Owner will provide buyer with a tutorial on how to use the advanced technical features of the home. Owner will consider gifting the electric piano in the basement if the buyer is musically inclined. Information deemed reliable but not garanteed. To be sold "as is". Write your offers subject to inspection. Room sizes are estimated. Easy to show with Sentrilock. Contact listing agent for more info.
Source: MRED #mrd12176654
Interest rate and monthly payment estimated based on public records.
Source: MRED #mrd12176654
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: #mrd12176654
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