A Rare Madison County Legacy Property - Nearly 4,000 Sq Ft on Picturesque Creekfront Acreage Welcome to a truly one-of-a-kind property where history, nature, and timeless craftsmanship come together to create an extraordinary place to call home. Nestled along the banks of South Creek, this remarkable property offers nearly 4,000 square feet of living space, featuring 4 bedrooms and 3 bathrooms, including a fully finished walk-out terrace level complete with its own private entrance, bedroom, bathroom, and living area-ideal for multi-generational living, guests, a private retreat, or potential income-producing opportunities. The main level showcases warm hardwood floors, custom built-ins, and thoughtfully designed living spaces throughout. At the heart of the home, a spacious living room features one of three fireplaces and is framed by dramatic floor-to-ceiling windows on both sides, capturing breathtaking views of the rolling landscape in the front and the peaceful creek and waterfalls behind. Step onto the expansive deck and enjoy the sights and sounds of nature from every angle. The large kitchen offers abundant wood cabinetry, generous workspace, and a casual dining area, while the separate formal dining room provides a stunning backdrop overlooking the propertys natural beauty. Outside, the possibilities are endless. A welcoming covered front porch spans the front of the home, while two barns provide ample storage, workshop space, or agricultural opportunities. The combination of brick and wood construction reflects the solid craftsmanship and enduring character found throughout the property. What truly sets this property apart is the land itself. South Creek meanders through the backyard, creating a private sandy beach, multiple waterfalls, and your very own natural lazy river. Historic stone walls dating back to the 1800s remain from the original Spratlin Mill site, offering a rare connection to Madison Countys rich history. Whether youre seeking a private family estate, multi-generational living, a recreational retreat, or land with future possibilities, this property offers a unique blend of natural beauty, historic significance, and unmatched lifestyle opportunities that are rarely available. Experience creekfront living, rich local history, and the tranquility of nature-all just minutes from Athens and the surrounding communities.
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.
