Tucked inside the gated and private lake community of Five Coves Trace, this all-brick home blends thoughtful design with modern updates in a peaceful setting just minutes from Old Hickory Lake. Offering community gated access, a private lake, scenic walking trails, & is close to shopping, dining, the Gallatin Marina, entertainment, schools & medical care. With 3456 sqft, 5 BRs, 3.5 baths & 3-car garage, it sits on a quiet cul-de-sac lot that backs to HOA green space & farmland for added privacy. Inside, you will find hardwood floors throughout & no carpet. Fresh paint, new lighting & bath fixtures, and plantation shutters create a bright and inviting interior. The foyer opens to a formal dining room & a spacious great room w/gas log fireplace & access to the covered patio and outdoor living. Surround sound is installed throughout the home, and a main-level half bath adds convenience. The kitchen features white cabinetry, granite countertops, stainless steel appliances, a breakfast bar, buffet and coffee station, bay-window dining, pantry, and double ovens. Large laundry with drop zone & W/D remain The main level primary suite offers a private retreat with updated sinks, mirrors, and fixtures, separate tub and shower, along with generous closet space. Upstairs are 4 additional bedrooms, 2 baths, and a large bonus room that connects to one bedroom through a shared bathroom pocket door, perfect for guests,in-laws, teens or home office The backyard provides open farmland views where deer are often seen. Enjoy evenings by the firepit or relax on the expanded covered patio with rolling shade screen. The garage includes a workshop environment w/utility sink, extra electric outlets, refrigerator, small freezer, garden tools, shelving, TV & epoxy floors. HVAC, electrical & plumbing systems are serviced regularly. This meticulously maintained home offers the perfect balance of comfort, space,& convenience in one of Gallatin’s most desirable gated communities. NO CITY TAXES!
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.
