8916 S Eggleston Ave, Chicago, IL 60620
4 beds · 2 baths · 1,939 sqft sqft
Discover this ideal opportunity to customize your dream home or make a savvy investment with unbeatable equity potential in Auburn Gresham! Located at 8916 S. Eggleston, this solid brick, tri-level home offers impressive possibilities, making it a great choice for both owner-occupants and investors alike. Priced with the end-buyer in mind, this property allows for personal touches and upgrades while preserving generous equity for the future. Renovated, comparable single-family homes within a one-mile radius have recently sold for an average of $265,000! This spacious home spans over 1,900 square feet across three well-designed levels + a finished partial basement! Each level is thoughtfully laid out to maximize functionality and flow, featuring four generously sized legal bedrooms, two full bathrooms, and an expansive family room. The charming galley-style kitchen connects seamlessly to the open living and dining area, creating an ideal setup for daily living and entertaining. Notable updates include a brand-new tear-off roof on both the home and garage with new gutter guards (2023), updated electrical (2010), central air, forced heat, newly installed gas lines extending to the city street (2024), an annually serviced HVAC system, and a freshly painted exterior (August 2024). With minimal cosmetic rehab needed, this property is ideal for an owner-occupant, FHA 203K buyer looking to add value! Uncover the original hardwood floors, protected under carpet for decades, and bring your vision to life by updating the kitchen, family room, and living/dining spaces with a contemporary color palette and 2024-2025 design touches. The possibilities are endless! This Auburn Gresham gem, complete with a spacious 2-car garage, sits on a well-kept block and has been lovingly maintained by two generations of the same family. Ideally located close to schools, shopping, and transit options, this property is perfect for buyers seeking convenience and community. Don't miss out on this Auburn Gresham opportunity-it's priced to sell and packed with future value potential! Property will be sold as-is. Certain fixtures, appliances, and furniture may not be included in the sale. Photos have been rendered to show the home empty, as it is currently owner-occupied. The property will be vacant by or before closing.
Source: MRED #mrd12203439
Interest rate and monthly payment estimated based on public records.
Source: MRED #mrd12203439
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: #mrd12203439
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.