50 Academy Rd Lebanon, TN 37087
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About this home
Motivated Sellers!! Fully Remodeled Ranch/Mini Farm on 6+ acres – Perfect for Animal Lovers & Gardeners! Discover the ideal mini farm, thoughtfully redesigned to blend modern convenience with country charm. This completely remodeled ranch has been gutted and rebuilt, featuring an open floor plan and high-end upgrades throughout. The home boasts a brand-new roof with even all-new wood decking beneath the shingles, along with a new HVAC system and ductwork. The septic system has been expanded with additional field lines to support a huge concrete tank accommodating a four-bedroom capacity. All plumbing has been updated with new PVC, and the electrical system has been fully upgraded, including new fuse boxes. Inside, luxury vinyl plank and tile flooring has been installed with updated subflooring. A wall in the main living area was removed to create a more open and inviting space. The kitchen has been fully remodeled with quartz countertops, new cabinets, high-end appliances, and a custom pantry system. Additional upgrades include a screened porch, an encapsulated crawl space with two sump pumps, and a 2 dehumidifiers. Outside, the detached garage was rebuilt from the foundation up and replaced with a steel-insulated structure, R-50 insulated garage doors, and additional attic storage. The extensive garden includes multiple fruit trees and raised beds that are ready to produce, and an old well near the garden can be re-tapped for irrigation. The property also includes a chicken coop, a storage building, and a barn. Approximately 3 acres are enclosed with a dog fence, with additional perimeter fencing around the rest of the property. This home qualifies for a VA 2.8% assumable loan, provided the buyer meets eligibility requirements. For those who enjoy Old Hickory Lake life, a public boat ramp 1.5 miles away. 4th bed is a flex rm. A full list of remodel/upgrade attached PDF. Don't miss this incredible opportunity. Brand new Elementary school just opened.
Source: REALTRACS #2950796
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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.