860 Timber Trace Dr Cordova, TN 38018
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About this home
Nestled in the established Timber Creek neighborhood of Cordova, this home offers single-level living with thoughtful updates throughout. A freshly painted interior and new lighting create a bright and welcoming atmosphere that complements the home’s open, split-bedroom floor plan. The kitchen has been recently enhanced with granite countertops, a new backsplash, modern hardware, and updated sink and faucet, all adjoining the vaulted living room designed for comfortable gatherings. Both bathrooms feature new fixtures and lighting, while updated blinds and fresh paint continue the home’s cohesive style. Outdoor living is equally inviting with a private, wood-fenced yard, a patio perfect for entertaining, and a two-car garage providing convenience and storage. Enjoy access to a community park and walking path, with shopping, dining, and entertainment just minutes away—offering a balance of low-maintenance living and everyday comfort in one of Cordova’s most convenient locations.
Source: MEMPHISTN #10208631
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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.