4870 Old Highway 13 Cumberland City, TN 37050
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About this home
A new life was given to this home over the last few years and you will love the welcoming and refreshing feeling you get when you walk thorugh the door~the exterior is complimented by the stacked stone the draws you in to the covered porch~step inside to gaze at the hardwood floors and cathedral ceiling in the entry~followed by the vaulted ceiling in the living room~2 hvac~laundry shoot from 2nd floor to the laundry room~recessed lighting~covered back deck with a portion uncovered along with a covered patio~all kitchen appliances remain~wood shed remains but the other shed does not remain~trails in place for the ATV or dirt bike enthusiasts~whole house generator~high efficiency water heater~carport and 30x40 detatched Garage with electric and HVAC~attached garage in basement and daylight basement~fiber internet from Cumberland Connect~currently on well with filtration system but City water coming~2 wooden sheds that are staying, the red one and the small brown wood shed
Source: REALTRACS #3031795
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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.