1404 ENGLISH OAK DR, Champaign, IL 61822
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!
You may be able to put down less than the total down payment amount of $267,789 and have the rest of the funds financed with a 2nd mortgage from a lender. 4
Location
Details
How it works
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Tour
Whether you have an agent or you’re just starting your search, reach out to us and we’ll help set up a home tour.
Offer
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Close
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
Who can qualify
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.
Frequently asked questions
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.
Will an assumption work for me?
An assumption might be a suitable option for you if you meet the lender’s qualifications. We also offer Roam Boost to help buyers reduce the down payment required to a minimum of 5-15%. See below for more FAQs specific to Roam Boost.
Why do buyers use Roam?
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Roam helps home buyers find and purchase homes with a low-rate assumable mortgage included. Once you find your dream home, Roam manages the process of assuming a low-interest rate mortgage, helping buyers save thousands a year on mortgage payments compared to buying with a traditional mortgage at today’s rates. On average, buyers who use Roam save $15,000 in mortgage payments annually.
MLS ID: #mrd12158062