Welcome home to 1704 3rd Avenue in Manchester, Tennessee! This spacious all-brick, one-level ranch offers 4 bedrooms, 3.5 baths, and over 2,000 sq ft of comfortable living space. Ideally located in the heart of Manchester, this home provides unbeatable convenience to shopping, dining, schools, and everyday essentials. Inside, you’ll find laminate flooring throughout, a large formal living room, and a bright kitchen with a bar area, stained cabinets, updated appliances, and an inviting eat-in dining space. The home also features a separate private laundry area. The former garage has been thoughtfully converted into an expansive primary owner’s suite with a cozy fireplace, an extra-large walk-in closet, and a luxurious bath with a separate whirlpool tub and oversized shower. The home also includes three additional bedrooms, including another bedroom with its own private en-suite bath, perfect for a second owner’s suite or guests. An impressive 24x24 attached finished space offers even more versatility—currently used as a large bonus area with a half bath, it could easily function as an in-law suite, apartment, studio, or private office. Outside, enjoy excellent parking and outdoor living options with two front driveways, a large back asphalt area ideal for a patio, an extra-large patio, and a fully fenced backyard on nearly half an acre. The home also includes two storage buildings in the back, providing plenty of additional storage space.
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.
