8048 Rosemark Rd Millington, TN 38053
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About this home
Don't miss this gem in the desirable Rosemark area! Just under 6 acres with 2 ponds, duck pond up front and pond in back of property plenty of room for horses. This single story 3BR/3BA home blends country charm with modern updates. Features include an updated kitchen, enormous primary bathroom suite, new double hung vinyl windows, siding replaced 2018, and a new tankless water heater (2022). Enjoy a large 23x35 wired workshop with garage and separate 6x10 room- perfect for hobbies, storage, or projects- and sip your morning coffee on the inviting front porch overlooking peaceful views. All this, just minutes from Arlington, Millington and Wolfchase shopping and dining, approximately 10 minutes to the Millington Naval Base and within minutes to Tipton Rosemark Academy! 3.75% Assumable VA Loan!! Motivated Sellers! Make Offer! Now offering $2000 Buyer Bonus!
Source: MEMPHISTN #10203635
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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.