9940 S Wood Ln, Palos Hills, IL 60465
4 beds · 3 baths · sqft sqft
Welcome home to this meticulously cared for custom-built hillside home on Wood Lane. Original owners have included extraordinary features such as the historical Chicago cobblestone brick driveway that leads up to the 2 car attached garage with 13' ceilings. From the garage you can access the full basement, which has been perma-sealed for ease of mind. Here, you will find a workshop station, ample storage space, 2 sump pumps, 50 gallon water heater, and newer HVAC system. Upon entering the home, along the flagstone walkway, you will notice the garden beds filled with cactus and lava rock. This property is a gardeners dream with a covered front porch to enjoy the view in peace and quiet. As you enter through the front door you are greeted by a spacious Foyer with a coat closet. To the left is the Living Room which extends from the front of the house to the back of the house with natural light pouring in from the Pella bow windows. The Dining Room, with charming parquet flooring, can accommodate 6-8 guests comfortably. The Kitchen offers wood cabinetry, a vintage Roper double wall oven, Kenmore side-by-side refrigerator with ice maker and water dispenser, a 5 burner built-in Kitchenaid gas cooktop with an island range hood, and a Maytag dishwasher. The additional eat-in kitchen space with bay windows overlooks the cozy Family Room with a brick fireplace. Double doors separate the Family Room from the oversized possible 4th Bedroom. This room offers beautiful bow windows overlooking the front yard, hardwood flooring, and a deep closet. Around the corner is the Laundry/Mud Room with Pocket Doors and a Full Bathroom. As you ascend upstairs, you will find the First Bedroom with a walk-in closet. The Second Bedroom features a walk-in closet with 2 additional reach-in closets. There is a Full Bathroom with double sinks and a linen closet off the Hall. The Primary Bedroom spans from the front of the house to the back of the house with tons of natural light, a sitting area, closet space, and a Primary Bathroom with double sinks. Last, but not least, the Backyard! Enjoy the lush ivy and soaring trees on your cobblestone patio. Additional space at the top of the hill for a swingset or firepit area! This house has been lovingly cared for throughout the years and is ready for its new owners to call it home.
Source: MRED #12210005
Interest rate and monthly payment estimated based on public records.
Source: MRED #12210005
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: #12210005
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.