Unique craftsman just outside Monterey with additional tiny home situated on a corner 6.5 acre lot with creek and a pond, with limitless possiblities! Huge wrap around covered back porch off the dining room and primary suite gives you the view of the pond, creek and soon to bloom array of flowers and blooms that hummingbirds love. Apx. 2 acres cleared & 1 acre fenced, w/ room to expand, or room to build a new house on the backside and use these two road front properties as rentals. Most of flooring updated to LVP, several newly painted walls, HVAC 3 years old, roof 2 years old. Larger outdoor buildings convey are are wired for electricity, the 2 small sheds behind tiny home do not convey. Additional benefits of pear, apple and cherry trees and Blackberry and Raspberry bushes for you to enjoy! Septic letter states 2 bedroom, house has 3 bedrooms with third being used as a craft room. Tiny house has 396 SqFt with own kitchen, toilet and shower. TRF does not hold EM. Buyer to verify info. This home is situated 3.8 miles out of Monterey on Clarkrange Highway on the Cumberland Plateau. Monterey is where the hilltops kiss the sky in TN! Home to fine Mexican and Italian cuisine and the best Convenience Store burgers, coffee shops and more! Just less than a mile away from this home is Meadow Creek Lake and Park where there is kayaking, stand-up water board and mountain bike rentals, or bring your own! Hiking trails are available, too. Within 10 minutes are golf courses and a little further out there are numerous waterfalls and state parks for your leisure. Muddy Pond is just 10-12 minute drive and you can enjoy the ways and products of the Amish. I-40 is just a five minute drive away to get you headed toward Nashville or Knoxville, each about an hour and 20 minutes away.
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.
Yes. Non-veterans can assume a VA loan, provided they meet the lender’s VA criteria. When a qualified buyer assumes a VA mortgage from a veteran or active-duty service member, the seller’s VA loan entitlement remains tied to the assumed loan until the buyer pays off or refinances the loan. This process restores the veteran seller’s entitlement, enabling them to use their VA benefit for a future home purchase.
Yes. All FHA loans are assumable by law as long as the buyer meets the FHA’s credit, income, and qualification requirements and obtain lender approval before assuming the loan (per FHA regulations effected December 15, 1989). Roam makes this process simple for buyers.
Generally, conventional loans are not assumable. In rare cases, a conventional loan may be assumable with lender approval. Use our search tool to find homes with assumable low-rate loans, or reach out to us if you’d like to confirm a specific home’s assumability.
