5032 S Archer Ave Chicago, IL 60632
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About this home
Amazing brick two unit property with store front possibility. Property located in the great neighborhood of Archer Heights. A beautiful modern second floor with a living room, formal dining room, three bedrooms, and a den/office. Office connects you to a new rooftop patio with amazing views of the city ready for entertaining. Kitchen includes brand new white cabinets, quartz countertops, and stainless steel appliances. Freshly polished hardwood flooring throughout including the bedrooms. Sought after In unit laundry. Central heating and air conditioning ready for those cold and hot days. This second floor unit is completly move in ready. As for the first floor unit you walk into the living area that has a fireplace, exposed brick, and high ceilings. Large chef style Kithcen with and Island and Viking applicanes. Kithcen connects to the extended attached garage. Unfinished basement can also be accesed through the same kitchen. There is and endless amont of possibilites for mixed use or residntial use on this floor. Surprising feature is the 4 car garage with a 14X22 entrance door, perfect for any oversized vehicles. Exterior of the property includes new roofing installed 2025. This is a must see property to truly appreciate the potential. Within walking distance of Curie High School, Chicago Public Library, shopping, Orange Line and minutes away from the expressway and Midway Airport.
Source: MRED #12464569
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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.