1174 Island Pl E Memphis, TN 38103
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About this home
New Listing in Harbor Town Located within walking distance of the Mississippi River, Harbor Town Park, and Downtown Memphis, this beautifully maintained custom-built home offers the perfect blend of charm, convenience, and modern updates in one of the city's most desirable neighborhoods. This 3-bedroom, 2.5-bathroom home features hardwood floors throughout and an updated kitchen with granite countertops. Kitchen appliances were replaced in 2020, and the HVAC system was updated in 2019. The exterior was freshly repainted in 2021, giving the home a clean, refreshed appearance. The half bathroom has also been recently updated with stylish finishes. Enjoy outdoor living with a welcoming front porch and a private balcony off the primary bedroom—ideal for relaxing mornings or peaceful evenings. The home also includes a fenced side yard, perfect for pets or outdoor entertaining. Additional features include a Nest security system for added peace of mind and smart home convenience.
Source: MEMPHISTN #10199314
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.