2633 W 23rd Pl Chicago, IL 60608
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About this home
Rarely available and fully updated, this legal three-unit is perfectly situated near the highly sought-after Heart of Chicago/Pilsen/Little Village neighborhood-one of the city's most vibrant and rapidly growing areas. Renovated in 2017, the property combines classic Chicago charm with modern updates. Each unit features spacious layouts, updated kitchens with stainless steel appliances, and enclosed porches for added storage. Two units are equipped with central air, and the building includes a detached two-car garage for convenience. The property is made up of two 3-bedroom/1-bath units and one 4-bedroom/2-bath unit, offering an ideal setup for investors or owner-occupants (Unit 1 is available for buyer to move in with a 60 day close) looking to offset their mortgage with strong rental income. A full attic provides even more storage potential or future possibilities. Location is unbeatable walking distance to Walmart, Cermak Road shopping, public transportation, and a wide variety of restaurants, coffee shops, and nightlife. Whether you're searching for an income-generating investment or a place to call home in one of Chicago's most exciting neighborhoods, this property is a rare opportunity that won't last long.
Source: MRED #12472597
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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.
Roam is committed to and abides by the Fair Housing Act and Equal Opportunity Act.