VA loan
1 of 44
VA loan
$327,000

150 Ridgeview Ln, Birchwood, TN 37308

3 beds · 2 baths · 1,800 sqft

Explore the charm of 150 Ridgeview Lane in Birchwood, TN. This delightful residence offers 1800 square feet of living space, featuring 1200 square feet on the main level complemented by a fully finished 600 square foot basement. The open floor plan enhances the sense of space, ideal for modern living and entertaining. With three bedrooms and two full bathrooms, this home offers comfort and convenience for the whole family. The kitchen is a standout feature, showcasing beautiful wood cabinets that provide ample storage space. Recessed lighting throughout and ceiling fans in the bedrooms add both style and functionality. Step outside to enjoy the covered upper front porch, accessible from the living room - an ideal spot for your morning coffee or evening relaxation. The back deck is perfect for grilling and outdoor gatherings with friends and family. Recent updates make this property even more appealing. A new roof was installed in March 2024, ensuring peace of mind for years to come. Additionally, a new 12x20 storage building was added in 2023, offering extra space for all your belongings. Other notable features include a water heater that's only five years old and poured walls for added structural integrity. One of the property's highlights is its stunning mountain views, providing a picturesque backdrop for your daily life. Nature lovers will appreciate being less than a mile from the Hiwassee River, perfect for outdoor activities and scenic walks. This Birchwood gem is ready for its new owners. Don't miss the opportunity to make this house your home!

Estimated
Seller's interest rate
5.1%
7%
Estimated
Principal & interest
$1,006/mo.
$1,219
You may also save up to $69,945 in total interest paid.
Listing price
$327,000

Your cash down payment
$148,829
Seller’s estimated current equity is $148,829
To assume this mortgage you must cover the seller’s equity by using your cash or by combining your cash with gap financing.
Estimated $1,006 monthly payment

Financed
$178,170
Assumed mortgage 5.1% • Seller's rate
$178,170
2nd mortgage 9.25% • No prepay penalty
$0

Interest rate and monthly payment estimated based on public records.

Roam helps you take over the seller’s lower interest rate 1
We help you assume the seller's mortgage and avoid higher prevailing market rates.

Roam Protection Plan 2
Roam transactions typically close in the same amount of time as a standard home purchase. To give sellers added peace of mind, if it takes longer than 45 days, we will pay the seller's mortgage until we close.

VA loan
Eligible for investors
Not a veteran? You may still be qualified to assume the mortgage.
Location
Details
Home
Size
1,800 sqft
Lot size
0.73 acres
Year built
2008
Type
Single Family Residence
HOA dues
$0.00

Source: REALTRACS #2784050

Loan
Remaining term
27 yrs and 5 mos
Rate
5.1%
Monthly P&I
$1,006
Remaining loan balance
$178,170

Source: Public records

Who can qualify

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 resources
Frequently asked questions

What is Roam?

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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?

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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?

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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?

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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?

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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.

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Last updated: Feb 14, 2025 01:32 pm
Listing agent: Marcia Botts (423) 476-3205
Listing provided courtesy of: Award Realty II (423) 476-3205
Details provided by REALTRACS and may not match the public record.
MLS ID: #2784050
Based on information submitted to the MLS GRID as of Feb 14 2025 - 14:41. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Fair Housing Act logo Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.
Disclaimers
1 Roam connects buyers and sellers to homes with assumable mortgages via a concierge service. Roam does not offer or engage in mortgage lending activity.
2 30 day guarantee is subject to credit approval by your loan servicer.
3 The assumable interest rate shown for this assumable mortgage is an estimate using the average of interest rates in this home's area at the time of the last sale. The actual assumable interest rate may differ. Estimated payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Roam connects buyers and sellers to home with assumable mortgages via a concierge service. Roam does not offer mortgage loans, extend credit, make credit determinations, or otherwise engage in mortgage lending or brokering activities. The lender makes all credit and qualification decisions with buyers. Any determination to extend credit to a buyer is a decision by the lender, and not by Roam.
4 The lender makes all credit and qualification decisions with buyers. Any choice to extend credit to a buyer is a decision by the lender, and not by Roam.
$1,006/mo
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