517 Rock Island Way, Lebanon, TN 37087
4 beds · 3 baths · 3,000 sqft
Nestled within the heart of Spence Creek, one of Wilson County’s most renowned communities, lies this exquisite four-bedroom, two-and-a-half-bathroom home. Boasting 9” ceilings and ample open space, this property offers a comfortable and inviting living environment. From the spacious walk-in closets to the bonus room and additional storage, every detail has been thoughtfully designed to enhance your daily life. Spence Creek is a haven of amenities, offering residents access to Greenway walking trails, a community pool, and one of the lowest HOA fees among similar communities with far fewer amenities. Living in this community, you will find yourself within a 20-mile radius from a vibrant shopping, dining, and entertainment scene. Don’t miss out on this incredible opportunity to own a home at Spence Creek on Rock Island Way. Also, don’t miss out on the lender incentives that are being offered ask your realtor.
Source: REALTRACS #2795826
Source: REALTRACS #2795826
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%. 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.
Other resourcesWhat 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.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.