Welcome to the perfect location. Sellers have relocated and have fully updated this lakefront home. Featuring dual kitchens (2 kitchens), a basement apartment or mother-in-law suite, and a concrete basement room, this home offers two (2) primary suites—one on each level—making it ideal for multigenerational living and rental potential. The lower level includes a second primary suite, bonus room, and private living space. With year-round lake views, vaulted ceilings, and water views from nearly every room, this home delivers true lake-life living. Enjoy an easy walk through the backyard to Kentucky Lake, along with easy, close access to I-40 for convenient travel between Memphis and Nashville, and Hwy 79 to Fort Campbell. Set on a 1 acre lot, the property offers space and privacy, with neighbors not on top of you—creating a sense of peace, tranquility, and serenity. The subdivision is bordered by U.S. Fish and Wildlife protected lands, preserving the natural beauty of the area where deer roam freely and eagles are often seen. UTVs and ATVs are welcome with nearby trails. Outdoor features include a covered porch overlooking the lake, an above-ground pool, a he/she shed with electricity, and plenty of storage. The updated main kitchen features freshly painted white cabinetry, granite countertops, farmhouse sink, lots of storage. Extensive recent updates include a new roof, interior paint, new washer and dryer, a finished garage with a split unit, new water heater, new well pump, new pool pump, new water softener, and updated lighting, fans, and fixtures. Nearby shopping includes Bealls, Walmart, Tractor Supply, Hobby Lobby, and Target coming soon, along with a wide variety of dining options including Italian, pizza, and Southern diners. The area also offers cultural and family-friendly events, local drive-in movie theater, adding to the charm. Sellers are offering up to $10,000 toward buyer closing costs, prepaids, and/or rate buy-down with an acceptable offer!!!
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.
