4055 S Ellis Ave Chicago, IL 60653
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About this home
Live by the Lake, Earn by the Month! A Rare Find! Stunning, Beautiful, exceptionally renovated Brownstone home with 2 units that can be a great in-law arrangement or rental in a gated community of the Historic North Kenwood/Bronzeville Neighborhood that's Income Producing! This home offers modern living at its finest. Walk into the first unit which is a 2-story home with Gorgeous Oak Hardwood floors, High ceilings, and perfectly placed recess lighting. Open style designer kitchen with Custom Quartz Countertops and Stainless-Steel Top of the Line Appliances. Enjoy quiet cozy evenings with a full fireplace and outdoor deck. The primary bedroom allows for great comfort in a King Size Bed and an en-suite with double access. The perfect packaged, totally renovated garden apartment, with a beautiful designer kitchen, stainless steel appliances and washer and dryer hook up, giving the homeowner the perfect opportunity to generate income and cash flow. This home comes with an Agricultural Gift offering a great platform for Gardening Enthusiast with its growing Peachtree and Grape Vines. A 2 1/2 Car Garage completes this home! Conveniently located walking distance from Lake Michigan, Chicago's Oakwood beach, 5 minutes from downtown and University of Chicago. Enjoy easy access to scenic waterfront views, a fountain park directly across the street, and beautiful historic vintage homes. Located near public transportation, Lake Shore Drive and interstate 90/94. Minutes away from some of Chicago's most iconic attractions: Millennium Park and The Bean, McCormick Place, Soldier Field, The Shed Aquarium Guaranteed Rate Field (White Sox Stadium), The Arie Crown Theater and Dusable Museum. Live in one unit and rent the other. Home Warranty included! This magnificent Home will not last! Schedule Your Private Showing Today!
Source: MRED #12492714
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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.