1003 New York St Memphis, TN 38104
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About this home
**Neighborhood-Wide Open House Sun 11/9 1-4 pm!** Completely renovated in 2004, this charming Victorian home, originally built in 1902, has all of the charm of an older home but none of the problems! The sellers have made many improvements since that time including installing a beautiful metal roof (2014) that will last for years to come. Imagine yourself spending the upcoming crisp fall nights on the expansive deck with friends and family or hanging on the front porch after the Cooper-Young Festival. The deck and front porch were built with Trex, a composite material that is low-maintenance (no staining or sealing), easy to clean, and extremely durable and long-lasting. New carpet was installed last week, the exterior of the house was repainted last year, a tankless hot water heater was installed in 2019, and the furnace and AC condenser were replaced in 2014 and 2018 respectively. Don't miss the HUGE walk-in closet in the primary bedroom. Come see!
Source: MEMPHISTN #10204678
Loan details
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FAQs
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.
Roam is committed to and abides by the Fair Housing Act and Equal Opportunity Act.