Welcome to this stunning Rancher on a sprawling 5-acre lot in the Edwards Subdivision. This beautiful home features 5-beds, 3-baths with 4,080 square feet. When you open the door you will immediately be amazed by the 13 foot vaulted ceilings and the open concept floor plan. The kitchen area is every cook's dream. Granite Counter tops with large island, slow closing cabinets, gas range, and an amazing view of Pikes Peak from your Kitchen and dining room window. And the best part-is that the Kitchen features a huge walk-in pantry 11x8, offering abundant storage space that makes meal planning and organization effortless. The main level includes 3 Beds, 2 Baths and a main level laundry room with a wash sink. When you go to the lower level you will be amazed by the LARGE rec space and high ceilings. You have the space to do what you want. The lower level includes 2 Beds, 1 Bath, and a large non-conforming room only giving you more options. One of the property's most remarkable qualities is its exceptional quietness. This home offers true tranquility where you can escape the hustle and bustle while still maintaining convenient access to Colorado Springs amenities. The new Composite deck offers views of Pikes Peak and outdoor entertainment space. This home welcomes animals and includes a private garden area and chicken coop. The property features an attached 2-car garage with a storage tote racking system for organized storage. Additional out-buildings include two detached shops measuring 31x24 and 16x24, plus a 14x14 shed, providing extensive workspace and storage options. The property has been thoughtfully updated to give you peace of mind. Such as- a brand new well pump, radon mitigation system, a reverse osmosis water system, and a Class 4 Hail Resistant Roof, and County Cleared Septic System and more. Don’t miss out on this home!
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.
