1511 S OAK ST, Bloomington, IL 61701
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.
You may be able to put down less than the total down payment amount of $88,600 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: #mrd12060185