8562 N 1900 East Rd, Bloomington, IL 61705
3 beds · 2 baths · 2,593 sqft sqft
This beautifully renovated 3-bedroom, 2-bathroom residence, located in the highly sought-after Tri-Valley school district, sits on a generous .88-acre lot, offering stunning country views and a piece of local history. Originally the old Gillum school house, this home has been meticulously taken down to the studs, except for two charming rooms, and completely updated with modern amenities. Inside, you'll find all-new plumbing, electrical work, and blown-in insulation. The extensive renovation also includes a spacious master suite addition, featuring a luxurious master bath and a walk-in closet equipped with washer and dryer hookup. The oversized 4-car detached garage and the 25 by 40 shop are both equipped with wood-burning stoves for year-round comfort. The property also boasts a hoop house, perfect for gardening enthusiasts. Recent updates ensure peace of mind, with new roofs on both the house and the garage, and a resealed shop roof with a new ridge vent. This unique property blends historical charm with modern convenience, offering a rare opportunity to own a piece of the past while enjoying all the comforts of the present. Don't miss out on this one-of-a-kind home!
Source: MRED #mrd12171142
Interest rate and monthly payment estimated based on public records.
Source: MRED #mrd12171142
Source: Public records
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.
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: #mrd12171142