5444 E Robertson Rd Orlinda, TN 37141
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About this home
Amazing opportunity to own a piece of history with almost 8 acres of flat usable land and a pond! Complete privacy - surrounded by woods on all 4 sides! Main part of the house is original historical log home with a concrete cellar. Home has 4 bedrooms and 2 full bathrooms. Owner suite with private bath/walk in closet is on the first floor. Only upstairs bedroom is oversized and could be 2 bedrooms. There is a building approximately 25x40 that had a separate meter with water already ran. It would make a great income producer if you got it approved as a DADU or Peerspace rental. Meter was pulled for non-use so needs a CEMC inspection to put back. Water runs to building, but winterized so turned off at the building. It is NOT finished and needs lots of work. One side of it has a giant open room and closet with a roughed bathroom. The other side has a roughed in recording studio space inside a large room with a door to a second room. There are acres of flat pasture with a pond and wooded acres. Perfect paradise with tons of wildlife including turkeys and deer frequenting the yard. There is also a small concrete barn. . House is completely livable, but could use upgrade /updates for full potential, but would easily be a $750k+ home if completely renovated. I have this home priced for as-is condition so please do not come out expecting it to not need updates and work for this price. If you want us to do the work we can discuss raising price to accommodate. ***Cameras on property. Please do not come onto the propety without an approved appointment.*** Possible owner financing with at least 20% down, excellent income, and good credit.
Source: REALTRACS #2999891
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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.
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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.
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