9940 S Wood Ln Palos Hills, IL 60465
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About this home
Welcome to this beautiful, unique, custom hillside residence! This home has been meticulously maintained with love and care by its original owners. Extremely spacious, over 3,000sf in this two-story home with 4bed,3 bath and so many possibilities to maximize the space in this home. The main level features a practical kitchen layout with table space, custom wood cabinets with abundant cabinet storage and counter space. It'll make any meal preparation a delight! The formal dining room is perfect for hosting meals with ease, while the large family room and living room, featuring a wood burning and gas fireplace, make an ideal space for entertaining. The main level 4th bedroom is currently being used as a tv room, full bathroom and a laundry room. The potential is truly limitless in this house. Venture to the second level, where you will find three generously sized bedrooms, including a master bedroom suit with a full bathroom, three closets and a sitting area that can be used as an office or nursery room. The second room is very long and can be easily divided in to two rooms. The potential is truly limitless in this house! The views from in the house are beautiful from every window. There is also a huge unfinished basement just waiting to be transformed. A Historical Chicago cobblestone brick driveway leads up to this house. It's an extra long drive way, suitable to fit many cars. It leads into a 2 car attached garage with 10' ceilings. Roof is 2019, furnace and A/C 2023, water heater 2020, sump pump 2024. This place is a nature lover's dream with its unique location. The additional top lot can be converted for a multitude of uses such as gardening, bee keeping, pool, playground ...etc. Conveniently located close to shopping, dining, schools, forest preserves with horse trails, Metra station, interstate, and more. This home offers the perfect blend of seclusion and accessibility. It's an oasis and an opportunity you surely won't want to miss!
Source: MRED #12432529
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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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