1511 S Oak St, Bloomington, IL 61701
3 beds · 2 baths · 3,050 sqft
Escape to your own personal oasis in this charming log home nestled in a picturesque setting. Experience the tranquility of country living while being conveniently located in town, surrounded by other log homes that create a sense of community and warmth. Step inside and be greeted by the inviting atmosphere of tall ceilings and rustic charm. The spacious kitchen is perfect for preparing meals and features ample space for a dining room table where you can gather with loved ones. Relax and unwind on the expansive 8 X 40 front porch, sipping your morning coffee or watching the sun set on the 16 X 35 back porch. Enjoy the beauty of mature trees and detailed landscaping that create a serene backdrop for your everyday life. Upstairs, retreat to the master suite with its own private oasis. A large loft area provides additional living space, while a half bath adds convenience. The first floor boasts two bedrooms and a full bath, providing plenty of room for guests or family members. The lower level is a versatile space, perfect for entertaining or relaxing. A large family room and rec room offer endless possibilities, while a movie room provides a cozy spot for film nights. Transform another room into an office or utilize it as a laundry room for added convenience. Outside, a spacious oversized 2-car detached garage offers ample storage for all your needs. Whether you're a car enthusiast or simply need extra space for outdoor gear, this garage has you covered. Indulge in the beauty and comfort of log home living, where every detail is designed to enhance your lifestyle. Embrace the charm of a log home with the convenience of town living, creating a perfect blend of relaxation and accessibility. Don't miss your chance to make this stunning retreat your own personal resort.
Source: MRED #mrd12060185
Source: MRED #mrd12060185
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
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.
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
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.
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 “Get Notified” 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 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.
MLS ID: #mrd12060185
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.