5455 N Sheridan Rd Apt 1601 Unit 1601 Chicago, IL 60640
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About this home
Highly desired, NE corner unit in the sky offering panoramic views of the lake, beach, and park from every room and ideally located on the charming tree-lined streets of Edgewater, a stone's throw to Lake Michigan, the lakefront trail, and Lake Shore Drive! Enter through an intimate foyer where you're greeted with large picture windows that flood the home with natural sunlight, newer manufactured bamboo flooring in the main living spaces, roller shades installed throughout, and a large walk-in coat closet with great storage space. This split floor plan offers privacy from the living areas and boasts a spacious primary bedroom with incredible closet storage, plenty of space for a king-sized bed, and stellar views. The en-suite bath is complete with a linen closet, vintage heating lamp, and a soaking tub. The second bedroom across the hall features eastern lake-front views, plenty of closet storage, and a full second, (shared) bathroom in the hall. The open living and dining area boasts incredible sunlight with stunning lakefront views and plenty of space for entertaining/formal dining. The galley kitchen offers ample counter-top space with a fridge, oven, dishwasher, microwave, and charming slatted doors. Garage parking can be rented through building as valet or self-park for $200-$255, with hourly/daily rates available as well. Building amenities include bike storage, a 3rd floor party room, storage lockers, pool/sundeck, library, "A" floor party room, common laundry room, north lot dog run, and a picnic/play area. Perfect location, close to Hollywood/Foster Beach, the lakefront path, CTA express buses, red line Berwyn and Bryn Mawr stops, Mariano's, Jewel Osco, Burke's Public House, Starbucks, and all that the Edgewater/Andersonville restaurant and shopping scenes have to offer!
Source: MRED #12365763
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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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