Enjoy peaceful country living on 2 mostly cleared acres in beautiful Birchwood, TN! This well-maintained 3-bedroom, 1-bath split level (2 bedrooms up a small set of stairs - one bedroom with a big deck facing West - sunset) offers approximately 2,004 SF of living space, including a 1,588 SF main level and a 416 SF partial basement with windows and exterior access to the attached 2-car carport. Relax on the covered rocking-chair front porch overlooking a fenced front yard for canine friends, 25' x 40' patio area off front porch, a partially private fenced entrance. The front includes two apple trees, a fig tree, and an Eastern Redbud shade tree. The home also features a screened porch and a 16' x 18' patio perfect for grilling and outdoor entertaining on the side of the home. The property includes two outbuildings with electricity. One outbuilding offers a utility bathroom with a toilet, stand-up shower, and two sinks. A new 30' x 40' concrete pad is already in place and ready for a future workshop, garage, or additional building. Recent improvements include a HVAC system approximately 3 years old, updated vinyl windows, 40-gallon water heater approximately 4 years old, septic system cleaned with new lid installed approximately 2 years ago, and a metal roof approximately 15 years old. Property is served by county water and also includes a working well. Leased propane tank through Suburban Propane is over half full. Located approximately one mile from the Hiwassee River in low-tax Meigs County. Enjoy the privacy of no neighboring homes on either side or behind the property, with only a picturesque small farm across the road. Asphalt driveway. One-year home warranty (First American Home Warranty) included for buyer's peace of mind. Quiet, private, room to expand. Bring your boat, RV, garage plans, chickens, canine friends, garden, or simply enjoy the peace and privacy of country living on 2 acres in beautiful Birchwood, Tennessee
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.
