This well maintained one level home in Ooltewah offers the perfect blend of comfort, convenience and privacy. Located in a quiet, kid-friendly neighborhood with excellent school nearby, this home is charming and is situated on a spacious private lot. Inside, an open floor plan creates a warm and inviting space with vaulted ceiling, wood plank flooring and gas fireplace. The spacious kitchen features updated white cabinetry, granite countertops, stainless steel appliances, luxury vinyl flooring and plenty of workspace. Dining/Breakfast room offers space for entertaining and enjoying the backyard views. Bedrooms are large and split for privacy. Primary bedroom is spacious and offers ensuite bath and nice walk-in closet. Two guest bedrooms are located on opposite side of home with nice closet space. Updated hall bath is conveniently located between guest bedrooms. Across the hall you will find utility and laundry closet. Two car garage is spacious and included a work bench area and more storage. Step outside to your own peaceful retreat. Property backs up to school property so no need to worry about privacy here!! The deck is a great space for grilling and backyard is ideal for exploring or even riding dirt bikes on trails located around the neighborhood. Trees at back of property provide great space for hammock or firepit. With no HOA, county taxes only and wonderful neighbors, this home offers both freedom and community. Large crawl space is ideal for extra storage. Home is close to Harrison Bay State Park, Wolftever Public Boat Ramp, Cambridge Square and a multitude of restaurants and shops. This Veronica Drive gem truly has it all---comfort, location and lifestyle. This house could be your next home. Hurry and schedule your showing today!
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.
