2420 Chisholm Rd, Iron City, TN 38463
4 beds · 3 baths · 3,104 sqft
Escape to the peace and tranquility of rural Wayne County with this stunning 4 bedroom, 2.5-bath home nestled on a sprawling property perfect for your dream mini farm. With a welcoming huge front porch and breathtaking views, this home offers endless possibilities for family living and rural adventures. Inside, you’ll find a thoughtfully designed layout with a spacious living room ,large kitchen with new countertops and a formal dining room. Upstairs you will find an additional bedroom and a bonus room that could be used for a playroom/office. The totally finished basement features a full kitchen, bedroom and full bath , ideal for a mother-in-law suite or hosting extended family. There’s ample space to gather, relax, and create memories in this warm and inviting home.Outside, the property is a homesteader’s dream. The old barn adds charm and functionality, while the expansive borders of the property provide ample room for cows, horses, and more. There is a creek that borders the property to the south . Whether you’re starting a farm or simply seeking extra space for outdoor activities, this land delivers.Come find yourself again in the heart of Wayne County—a place where nature meets comfort, and the possibilities are as endless as the open skies. Don’t miss this chance to embrace the lifestyle you’ve always dreamed of!
Source: REALTRACS #2763630
Interest rate and monthly payment estimated based on public records.
Source: REALTRACS #2763630
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.
