507 Donaldson Rd, Chattanooga, TN 37411
2 beds · 2 baths · 1,219 sqft
This property is back on market due to no fault of the seller, buyer's financing fell through a week prior to closing. This house is conveniently situated just minutes from downtown Chattanooga and a short drive to Hamilton Place mall area making it easy to access any part of the surrounding areas. This updated home sits on just under a half acre lot which is completely fenced in with powered gate, giving you a secured large front yard area. Featuring 2 generously sized bedrooms with the primary bedroom having its own full bathroom complete with tiled shower. Additionally, the walk-in closet in the primary bedroom is cedar lined giving peace of mind when storing clothes. The second bedroom has an additional bonus/flex room attached giving you options for this area. Going back through the house you will find an additional full bathroom with updated vanity, tub/shower combo with tile on the wall, living room with passthrough looking into the kitchen, eat in kitchen with a single basin farmhouse style sink, ample countertop space (newer butcher block countertops) and updated cabinets. Through the kitchen you will find the large laundry room area with a separate bar area with cabinets underneath. Outside, you will find an expansive multi-level deck/patio area surrounding an above ground pool with refrigerator and grill! This is a great area for family bbq's, entertaining guests, or just relaxing. With updated showers, vanities, flooring, countertops and cabinets as well as the roof being completely replaced on 10/4/24 this home is ready for its new owners to move in worry free and make their own. Schedule your private showing today!
Source: REALTRACS #2755998
Interest rate and monthly payment estimated based on public records.
Source: REALTRACS #2755998
Source: Public records
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Whether you have an agent or you’re just starting your search, reach out to us and we’ll help set up a home tour.
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
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.
What is Roam?
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.
What is an assumable mortgage?
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.
Why is an assumable mortgage valuable?
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.
How can you find assumable mortgage listings?
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 “Get Notified” 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.
How do I qualify for an assumable mortgage?
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.
MLS ID: #2755998
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