611 W Locust St Bloomington, IL 61701
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About this home
Rare Opportunity in the Heart of Bloomington! Beautifully maintained and thoughtfully designed two-unit property offering exceptional flexibility and pride of ownership. Custom built in 1990 and occupied by the original family ever since, this home has never been rented. The care and pride of ownership shows! Each side offers a nearly identical floor plan with 1,574 square feet per unit (3,148 total), featuring a comfortable main level with a welcoming family room, an eat-in kitchen, and a convenient half bath. Upstairs, each unit includes two spacious bedrooms-including a primary suite with generous closet space and a private balcony-along with a full bath. Both basements are finished and include laundry rooms, sump pumps, and in the west unit, a full additional bath. Set on an extra-deep lot (217 ft) with a private drive leading to multiple rear garages, the property offers remarkable outdoor space and privacy. The large fenced yard is ideal for entertaining or play and includes a shared back deck and charming front porch with Trex decking. Garage space abounds, with a detached two-car garage featuring a walk-up attic and new Wi-Fi opener, plus a detached three-car garage divided into individual stalls (one with a gravel floor), and a carport for added convenience. Both HVAC systems were replaced just three years ago, and the home boasts excellent water pressure throughout. Whether you're seeking a multigenerational living arrangement, an owner-occupant set-up with potential rental income, or a long-term investment, this property checks every box. Properties of this quality and care rarely come available-don't miss your chance to make 611 W. Locust your next great investment.
Source: MRED #12468377
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FAQs
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.
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.
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.
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.
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.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
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