Smart Investment Opportunity! Qualified buyers may take advantage of an assumable VA mortgage at just 2.9%. This unique property features two homes, a detached two-car garage, workshop, gazebo, and a beautifully finished 12' x 14' Hobby Hut, all situated on just over 1 acre of gently sloping land. Enjoy deeded access to Lake Chatuge via a passage across TVA property that borders the property on two sides. Take in stunning year-round views of Bell Mountain while exploring the many possibilities this versatile property offers. The main home, with a finished basement, offers approximately 2,460 square feet, while the 2-bedroom, 1-bath guest cabin provides the perfectly comfortable additional living space. A short 4-minute walk leads to a semi-private cove, ideal for fishing, kayaking, canoeing, and paddleboarding. The guest cabin amply sleeps up to four, while the main home accommodates up to eight. Live in one and rent the other, use both as vacation rentals, or create the perfect multi-generational family retreat. Hidden away at the end of the road, this property offers exceptional privacy and a peaceful setting. With multiple structures, lake access, mountain views, and flexible living arrangements, this rare offering presents outstanding opportunities for personal enjoyment, investment, or income-producing potential. Owner financing may also be considered for a qualified buyer. Schedule your private showing today and discover all this unique property has to offer!
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.
