Welcome to this beautifully updated and truly move-in ready home in the highly sought-after Wyngate Subdivision, conveniently located off Washington Pike in desirable Fountain City! This charming two-story home has been thoughtfully renovated and meticulously maintained, offering the perfect blend of style, comfort, and peace of mind. A major renovation in 2018 transformed the home with a stunning new kitchen, two fully updated bathrooms, new flooring in the kitchen, baths, and laundry room, along with updated light fixtures, and a full suite of stainless appliances including range, microwave, dishwasher, and garbage disposal. New windows and plantation shutters add both efficiency and timeless appeal. Significant system upgrades continue throughout the home, including main-level HVAC replaced in 2018 and upper-level HVAC in 2020, ensuring year-round comfort. The roof was replaced in 2020, along with a new garage door opener, and a new fence was added in 2019 for added privacy. In 2022, plumbing was completely re-piped and a new water heater installed, providing added confidence for years to come. Additional recent updates within the last year include a renovated half bath, front door replacement, fresh interior paint throughout, and a stylish shiplap accent over the fireplace, creating a warm and inviting living space. A security system is also in place for added convenience and peace of mind. Located in the Central High School zone, one of three flagship schools connected to the University of Tennessee, eligible students may qualify for the Tri-Star Scholarship Program. When combined with the HOPE Scholarship, this opportunity can cover up to 8 semesters at UT--an incredible added value for future homeowners. This home truly has it all--extensive updates, prime location, and nothing left to do but move in and enjoy. Don't miss your opportunity to own this turnkey property in one of Fountain City's most desirable neighborhoods!
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.
