Welcome to this charming 2336 sq ft, 3 bedroom, 2 bathroom home, built in 1962, located on the heart of Cañon City, with close proximity to schools, trails, the hospital, and shopping. Nestled in a quiet neighborhood, this property sits on a spacious .23 acre lot with a large fenced back yard filled with established rose bushes, mature shade trees, perennial flower gardens, and grapevines that produce White Concord-style grapes each season. Lovely curb appeal with majestic Blue Spruce and xeriscaping/rock, concrete driveway, and architectural awning with concrete ramp entrance lined with a large brick planter along the entryway ready for flowers! With no steps to the front door, come inside and find hardwood floors throughout the living room and all three bedrooms, with fresh paint and updated lighting that brighten the space. The master bedroom includes an en suite 3/4 bath, while two additional bedrooms share a full bath. The kitchen connects to both a dining area and an extra large family room addition with sliding glass door access to the covered patio/breezeway, newer carpet, recessed lighting, and a cozy wood-burning stove/fireplace with brick surround and wood mantle—perfect for Colorado winters. While there is almost 1700 sq ft on the main level, the partial 638 sq ft basement offers flexible space with an unfinished storage/utility room and a finished room that could serve as a home office, workshop, or hobby space. Additional features include a roof-mount swamp cooler for summer comfort, a gas hot water boiler/ baseboard heat, a one-car attached garage, and an attached carport with a workshop/storage room, and sheds. Outdoor living is easy with a spacious covered patio draped in grapevines and plenty of space to garden, relax, or entertain. This home blends convenience, charm, and character with room to grow—both inside and out.
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.
Yes. Non-veterans can assume a VA loan, provided they meet the lender’s VA criteria. When a qualified buyer assumes a VA mortgage from a veteran or active-duty service member, the seller’s VA loan entitlement remains tied to the assumed loan until the buyer pays off or refinances the loan. This process restores the veteran seller’s entitlement, enabling them to use their VA benefit for a future home purchase.
Yes. All FHA loans are assumable by law as long as the buyer meets the FHA’s credit, income, and qualification requirements and obtain lender approval before assuming the loan (per FHA regulations effected December 15, 1989). Roam makes this process simple for buyers.
Generally, conventional loans are not assumable. In rare cases, a conventional loan may be assumable with lender approval. Use our search tool to find homes with assumable low-rate loans, or reach out to us if you’d like to confirm a specific home’s assumability.
