1625 N Mcvicker Ave # 1 Unit 1 Chicago, IL 60639
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About this home
Welcome to this stunning classic Chicago yellow brick Two Flat, located in the highly sought after Galewood subdivision of the historic Austin neighborhood. Perfect for an owner occupant, aiming to live in one unit and rent the others out or an investment, fixated on instant cash flow. This property features 2 upper level units that hold 2 bedrooms x 1 bathroom each, a fully finished garden unit/in-law suite that also holds 2 bedrooms x 1 bath, original hardwood floors throughout, a greatly sized fenced backyard space for entertainment, accompanied by an enclosed concrete slab that contains 3 exterior parking spaces. The building has undergone various updates over the years, including a 2023 new roof installation (complete tear off of initial clay shingles with new asphalt shingles at face/front of roof w/ a new roof hatch and a reflective overlay, covering the entire flat rubber roof surface), unit 1 bathroom gut (2025), unit 1 kitchen update (2021) unit 2 bathroom update (2021), a full basement renovation, including separation of gas and electrical lines from upper levels, drywall + paint, a new furnace and a newly built stairwell for front and rear entry and exit. New owners/tenants will love the 3 levels of adequately provided kitchen, living, dining and bedroom space for a comfortable + profitable living experience. Just a short distance from Oak Park, Elmwood Park, shops, restaurants, public transportation, Amundsen (Roald) Park, museums, and more. Don't miss out on this amazing opportunity to own a turn-key home and/or great long term investment property.
Source: MRED #12489760
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FAQs
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.
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.
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.
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.
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 “Save search” 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.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
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