5 Cour Caravelle Palos Hills, IL 60465
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About this home
Spacious two story townhome with partially finished basement located in the desired Palos-Riviera complex. This unit includes 4 bedrooms and 1.5 baths. Hardwood floors cover the majority of the main floor where there is a convenient half bath, wet bar, open living room with sliding glass doors leading to a cozy outdoor patio. The second floor contains a large eat-in kitchen with newer appliances, huge walk in pantry that can be used in so many ways. Sliding glass door off the dining area leads to a balcony overlooking the court yard. Three decent sized bedrooms are located on this floor also complete with a full bath. The partially finished basement contains a laundry room with tons of storage space, a family room and a possible 4th bedroom/office/or den, you decide. There is so much living space here! Not to mention the extras outside these walls...the HOA includes a pool, clubhouse with a party room, playground, tennis courts, and soccer field. Also located with in walking distance to the highly rated Stagg H.S. and Moraine Valley Community College, some restaurants, stores, churches, walking trails, and much more. This home was loved and well maintained by its long time owner and now is ready for its next owner to make it their own. Come take a look you won't want to miss it! Property is being sold "as-is".
Source: MRED #12483121
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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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