Beautiful log home nestled on 0.74 acres and surrounded by nature, thoughtfully updated with quality improvements throughout. Offering 3,071 sq ft, this 4-bedroom, 4-bath home (percs for 3 bedrooms) features all-new trim, fresh paint throughout, brand-new windows, custom exterior doors, new outlets and switches, and upgraded lighting in the living room, hallway, and basement. Most rooms include a smart Lutron Caseta lighting system and smart thermostat for modern convenience. The living room showcases a stunning wood-burning fireplace with custom floating mantle, professionally inspected and enhanced with added insulation and updated lighting. The renovated basement bonus room has been transformed into a theater space (screen and projector may convey). The main-level guest bath is fully updated, and a whole-home dehumidifier plus additional storage dehumidifier provide added peace of mind. The kitchen offers custom cabinetry and pantry space, while the screened-in back porch features upgraded framing and new screening. Outdoors, enjoy a swim spa (under warranty), improved drainage diverting water to a dry creek, a 25-foot flagpole with lighting, and over $20,000 in tree removal to protect the home and open the yard. Additional highlights include an extended gravel driveway, 100-amp subpanel with 50-amp RV/EV/generator hookup, enhanced garage lighting, workshop space, and one-car garage. Located in a quiet neighborhood with neighboring 50- and 38-acre parcels behind and beside the home. Just 3 minutes to Pine Creek Golf Course, 5 minutes to Percy Priest Lake, 9 minutes to Providence, 15 minutes to BNA Airport, and 20 minutes to Nashville.
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.
