1404 English Oak Dr, Champaign, IL 61822
5 beds · 6 baths · 4,965 sqft
High-end home with endless opportunities! This gorgeous 6 bedroom, five and a half bathroom home has plenty of space (nearly 7,500 finished sqft) with gorgeous lake views, an extravagant patio with multiple levels for entertaining and a 3-car attached garage. The lakefront lot sits on over 0.25 acres in Abbey Fields Subdivision. As you walk in you are greeted by cathedral ceilings and a wall of windows that flood the great room with natural light while also showcasing lakeviews. The great room is complimented by a gas log fireplace and flows directly into the stunning kitchen. The kitchen combines stainless steel appliances, granite countertops, plenty of cabinets, walk-in pantry, breakfast bar and a dining area with direct access to the back patio for the perfect entertaining space. On the main level you will also find one of the two primary suites with a full bathroom, as well as a formal dining room, study, laundry room and another half bathroom. The second level has 4 lovely bedrooms and 3 full bathrooms. One of the bedrooms is an additional primary suite with a lake view and a full bath, walk-in closet, and its own laundry room. The daylight basement is home to an endless pool that stays with the home. Downstairs you will also find a large family room with another kitchen, a home gym, the sixth bedroom, full bathroom, storage room, and mechanical room. The backyard and patio was professionally designed/landscaped by Brown Woods and is fully fenced. Updates since 2020 include window treatments, endless pool, vinyl flooring throughout the entire home and a Tesla charger in the garage. There is still hardwood flooring under the main level great room. Appliances for both laundry rooms and both kitchens stay. Don't miss a chance to make this wonderful house your home!
Source: MRED #12158062
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Why Roam
Gap financing to lower your down payment
Unlock down payments as low as 5% – only with Roam
5x the likelihood your offer is accepted
If a purchase takes longer than 45 days, we’ll cover the seller’s mortgage until you close
Close faster and stress-free
We close 2x faster because of our deep experience and lender relationships
Rates and payments are estimates based on public records.
Source: Public records
Source: MRED #12158062
To qualify, you must meet the current FHA or VA 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%. 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.
FHA (Federal Housing Administration) loans
FHA loans require the buyer to assume the mortgage as a primary residence. When you apply for the loan, you must attest that the home will be your primary residence for 12 months to be approved for an FHA assumption. Most lenders will ask that you move in within 60 days.
VA (Veteran's Affairs) loans
You don't have to be a veteran to assume a VA loan. However, not all veterans are willing to let a non veteran assume their mortgage. Roam confirms the seller's willingness prior to you making an offer.
Investors
You may be able to assume a VA mortgage as an investor without it being your primary residence.
What is Roam?
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.
What is an assumable mortgage?
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.
Why is an assumable mortgage valuable?
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.
How can you find assumable mortgage listings?
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.
How do I qualify for an assumable mortgage?
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 620, 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.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.