7415 Dixon St Forest Park, IL 60130
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About this home
Welcome to 7415 Dixon, a timeless home on a rare double lot just a few blocks from the heart of Forest Park, Oak Park and River Forest. With its lush front yard, towering trees and classic facade, this property offers the space and flexibility that are almost impossible to find this close to downtown shops, cafes and restaurants. The main level is designed for comfortable, everyday living. A gracious entryway leads to the formal living and dining rooms where hardwood floors, crown molding and large windows provide plenty of natural light. A first-floor bedroom and adjacent full bath are ideal for guests, inlaws or multigenerational living. The kitchen features 42inch maple cabinetry, ample counter space and stainlesssteel appliances, and opens to a cozy breakfast area and a sunroom with newer Andersen windows overlooking the enormous yard. Upstairs you'll find two more bedrooms, an office, and an expansive family room/rec area-perfect for working from home, hobbies or a separate hangout space. The basement offers even more possibilities with a selfcontained inlaw suite, a laundry room and plenty of storage. Classic touches such as Kohler sinks and toilets and an antique clawfoot tub reflect the home's character. Set on a double lot with mature landscaping, perennial gardens and two garages, there's abundant room to garden, play or build out future living space. Whether you choose to renovate into a grand singlefamily residence or reconvert to a threeflat for investment income, this property offers a rare opportunity in a premier location. Commuters will love the proximity to the Green Line, Metra and I290; Oak Park, River Forest, O'Hare and Midway are all a short drive away. Bring your vision and make this unique Forest Park property your own.
Source: MRED #12452749
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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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