1 of 24
$270,300

3737 Philwood Ave, Memphis, TN 38122

4 beds · 2 baths · sqft

HUGE PRICE DROP!! DON'T MISS OUT ON A NEW HOME FOR CHRISTMAS! Adorable stone cottage with endless potential in the heart of High Point Terrace! Walk to HP Grocery, Pub & Cheffie's! This home has a LARGE PRIMARY w/ FULL BATH ensuite, a fourth pass-thru room w closet that can be used how you need it (office/playroom/sitting room) everyone needs extra space! There are two more bedrooms, second full bath and mudroom or eat in area off kitchen which is a rare find for neighborhood. Relax in the large and shady backyard. The original stone in the kitchen, built-in drawers in the bedrooms and phone shelf in hallway add so much charm! This home has tons of natural light, beautiful hardwood floors throughout, and gas cooking. Walk to Greenline- Home is priced for you to make it your own - AGAIN, rare to find a 4bed/2bath in High Point! Washer/Dryer & Fridge Stay. *Some photos have been virtually staged. SEE IT TODAY!!

Estimated
Seller's interest rate
4.25%
7%
Estimated
Principal & interest
$680/mo.
$825
You may also save up to $28,902 in total interest paid.
Listing price
$270,300

Your cash down payment
$173,224
Seller’s estimated current equity is $173,224
To assume this mortgage you must cover the seller’s equity by using your cash or by combining your cash with gap financing.
Estimated $680 monthly payment

Financed
$97,075
Assumed mortgage 4.25% • Seller's rate
$97,075
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.
Location
Details
Home
Lot size
0.25 acres
Year built
1947
Type
Single Family Residence
HOA dues
$0.00

Source: MEMPHISTN #10187497

Loan
Remaining term
16 yrs and 7 mos
Rate
4.25%
Monthly P&I
$680
Remaining loan balance
$97,075

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 14, 2025 01:08 pm
Listing agent: Kendall P Hodges (901) 490-2152
Listing provided courtesy of: Weichert, REALTORS-BenchMark (901) 202-2000
Details provided by MEMPHISTN and may not match the public record.
MLS ID: #10187497
The data relating to real estate for sale on this website comes in part from the Internet Data exchange (IDX) program of the Memphis Area Association of REALTORS®. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by brokerage firms other than Roam Brokerage, LLC, are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed. Copyright © 2025 Memphis Area Association of REALTORS®. All Rights Reserved.
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.
$680/mo
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