Lakefront Retreat on Cherokee Lake offering a stunning 3,456 sq. ft. craftsman-style home the perfect blend of comfort, style, and lakefront living. Nestled on a .47-acre lot with 154 feet of Cherokee Lake frontage with your own private boat dock, this property is designed to maximize both relaxation and recreation while capturing breathtaking views of the water and surrounding mountains. This home is perfect as a primary residence or a Short-Term Investment Rental Property. This home has a a layout perfect for entertaining or multi-generational living. The main level boasts 2 bedrooms with an extra room and 2 full baths, an open living room, and a kitchen complete with upgraded granite countertops, stainless steel appliances, and vinyl flooring. There is an option in the upstairs pantry area for a stackable washer and dryer as the connections are already installed. From here, step out onto the upper deck and take in the lake, mountain views and a peaceful sunset each evening. The lower level offers its own open living area with a second kitchen, 2 extra rooms, and 2 full baths— all bedrooms and extra rooms offer plenty of space along with having closets. Sliding doors open to the lower back deck, providing access to the hot tub and back yard. Downstairs has both a storage room and a separate washer and dryer room. The exterior is just as impressive, featuring a gazebo sitting area with a fire pit, whether you're enjoying a quiet morning coffee, hosting a summer barbecue, or heading out on the lake with family and friends, this property offers it all. Located in a peaceful area of Hawkins County, this home provides the ideal combination of privacy and accessibility. With spectacular lake and mountain views it's a retreat you'll never want to leave. Just 20 minutes to Rogersville, 50 minutes to Kingsport and only 35 Minutes to Morristown for all your shopping needs. Want to make a few quick trips to Bean Station that's only 12 miles from the home.
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.
