1160 Cirrus Cv, Cordova, TN 38018
4 beds · 2 baths · sqft
See this beautifully maintained (now vacant) home in unincorporated Cordova. That means no city taxes! Enter the two-story foyer with an extra wide staircase and entry hall to 3050 square feet of family space within the kitchen, dining, and family rooms. The downstairs flooring is matte hardwood in a gorgeous neutral finish. The kitchen countertops are adorned in unique custom quartz with a gold vein. The cabinets are newly painted. Large windows encompass the kitchen’s keeping room which allows for natural light. The interior has been repainted in a pleasing neutral color. The upstairs carpeting is new. Outdoors you’ll find a wrap-around yard, a two-car side entry garage with a smart app camera for parking assistance, wood-fenced backyard, and a large paved patio with an iron gate. The current owners love the friendly neighborhood with wide lanes, sidewalks, and miles of nearby golf paths for walking and biking.
Source: MEMPHISTN #10182712
Interest rate and monthly payment estimated based on public records.
Source: MEMPHISTN #10182712
Source: Public records
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%. 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.
Other resourcesWhat 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.
How can you find assumable mortgage listings?
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 “Get Notified” 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.
How do I qualify for an assumable mortgage?
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.
