8449 Kedvale Ave Skokie, IL 60076
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About this home
THIS HOME HAS A 2.75 PERCNT ASSUMABLE MORTGAGE! Save $$$! Spacious and well-maintained 5BD/3BA single-family home in a prime Skokie location. A major addition in 2006 added three large bedrooms and a large bathroom with double sinks and oversized soaking tub, expanding the home's functionality and space. Numerous updates throughout, including: new roof with gutter guards (2023), new siding and exterior paint (2022), new garage door (2020), new Pella windows (2010), and a new walkway, front stairs, and railing (2022). Interior features include central air/heat, a large living room with wood-burning fireplace (rarely used), separate dining room, sunroom, kitchen with stainless steel appliances, and a newly updated basement with epoxy flooring and a full bathroom. Mechanical updates include a new hot water heater (2021), new downstairs furnace (2021), new upstairs furnace (2025), new sump pump battery backup (2021), and upgraded 200 Amp electrical service (2006). Chimney was also cleaned and tuckpointed in 2006. A $30K overhead sewer flood control system provides peace of mind. Detached 2.5-car garage offers ample storage and parking. Excellent location near schools and public transit-1 mile to the Yellow Line and 0.5 miles to the Pulse Dempster Line. Less than 2 miles to Downtown Skokie with its library, shops, restaurants, and brewery. Close to Emily Oaks Nature Center - perfect for the nature lover with its trails, a playground, and seasonal programs. Easy access to I-90/94, and approximately 15 minutes to the lakefront and beaches. Great opportunity to own a move-in ready home with substantial updates in a desirable neighborhood.
Source: MRED #12443206
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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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