VA loan
1 of 58
VA loan
$599,900

307 W Main St, Smithville, TN 37166

5 beds · 3 baths · 3,602 sqft

Take advantage of this a rare opportunity to own a piece of history! This stunning home featuring 5 spacious bedrooms and 3 full baths, offers a unique blend of classic charm and modern comfort. With formal dining and living rooms, a spacious family room, and a butler’s pantry, this home is perfect for entertaining. The property has 10-foot ceilings downstairs, two gas fireplaces, and beautiful hardwood and tile flooring throughout. Massive windows flood the home with natural light, and a four-season sunroom allows you to enjoy the space year-round. The exterior is just as impressive, with a 4-car garage and a fenced backyard for added privacy and outdoor enjoyment. Located just two blocks from the square and the newly revitalized downtown business district, you’ll enjoy the convenience of walking to restaurants, shopping, and banking. With 3,600 square feet, including a basement with a walkout door and a fully floored attic for extra storage, this home has everything!

Estimated
Seller's interest rate
2.875%
7%
Estimated
Principal & interest
$896/mo.
$1,384
You may also save up to $156,554 in total interest paid.
Listing price
$599,900

Your cash down payment
$399,288
Seller’s estimated current equity is $399,288
To assume this mortgage you must cover the seller’s equity by using your cash or by combining your cash with gap financing.
Estimated $896 monthly payment

Financed
$200,611
Assumed mortgage 2.875% • Seller's rate
$200,611
2nd mortgage 9.25% • No prepay penalty
$0

Interest rate and monthly payment estimated based on public records.

Roam helps you take over the seller’s lower interest rate 1
We help you assume the seller's mortgage and avoid higher prevailing market rates.

Roam Protection Plan 2
Roam transactions typically close in the same amount of time as a standard home purchase. To give sellers added peace of mind, if it takes longer than 45 days, we will pay the seller's mortgage until we close.

VA loan
Eligible for investors
Not a veteran? You may still be qualified to assume the mortgage.
Location
Details
Home
Size
3,602 sqft
Lot size
0.38 acres
Year built
1949
Type
Single Family Residence
HOA dues
$0.00

Source: REALTRACS #2749079

Loan
Remaining term
26 yrs and 9 mos
Rate
2.875%
Monthly P&I
$896
Remaining loan balance
$200,611

Source: Public records

Who can qualify

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 resources
Frequently asked questions

What is Roam?

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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?

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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?

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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?

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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?

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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.

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Last updated: Feb 13, 2025 01:32 pm
Listing agent: Jennifer Hannah, Broker (931) 261-8150
Listing provided courtesy of: Town & Lake Realty, Inc. (615) 215-7653
Details provided by REALTRACS and may not match the public record.
MLS ID: #2749079
Based on information submitted to the MLS GRID as of Feb 13 2025 - 19:14. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Fair Housing Act logo Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.
Disclaimers
1 Roam connects buyers and sellers to homes with assumable mortgages via a concierge service. Roam does not offer or engage in mortgage lending activity.
2 30 day guarantee is subject to credit approval by your loan servicer.
3 The assumable interest rate shown for this assumable mortgage is an estimate using the average of interest rates in this home's area at the time of the last sale. The actual assumable interest rate may differ. Estimated payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Roam connects buyers and sellers to home with assumable mortgages via a concierge service. Roam does not offer mortgage loans, extend credit, make credit determinations, or otherwise engage in mortgage lending or brokering activities. The lender makes all credit and qualification decisions with buyers. Any determination to extend credit to a buyer is a decision by the lender, and not by Roam.
4 The lender makes all credit and qualification decisions with buyers. Any choice to extend credit to a buyer is a decision by the lender, and not by Roam.
$896/mo
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