1733 22nd Ave N, Nashville, TN 37208
3 beds · 2 baths · 1,462 sqft
Assumable 2.25% Mortgage. Balance is $305K. Updated, charming bungalow in the midst of everything Nashville. You'll enjoy the secluded primary suite equipped with an en-suite bath, full tile rainhead shower and a big walk in closet. The kitchen has great finishes with plenty of counter space, cabinets and pantry. The centerpiece is the decorative vintage fireplace. It's so cool. This lot has DADU eligible zoning enabling you to add an income producing garage/apartment. You're super close to the Buchanan Arts District w/ Slim & Huskys, Tio Fun & No Free Coffee CS. A ton of restaurants and bars in Germantown, 5 minutes away. Prefer The Nations? You're just 6 minutes to Charlotte where there are tons of cool spots. Of course you'll be close to all the downtown action at Bridgestone/Nissan Stadium/Ascend/Ryman. Your furry friends will appreciate the big back yard with privacy fencing. Fridge and all-in-one washer/dryer stays. Potential gamechanger: Mortgage Insurance Freedom Act, a bipartisan bill just introduced in congress could remove the monthly $218 FHA MIP after 78% LTV is reached, this loan is at approximately 70% LTV. Info about this is at the link attached to the listing.
Source: REALTRACS #2704568
Interest rate and monthly payment estimated based on public records.
Source: REALTRACS #2704568
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.
