Envision a cozy space with 3 bedrooms, 3 bathrooms, and mountain views from the primary bedroom. Get all this plus a one-car attached garage on Colorado Springs’ Westside near Bear Creek Park, five minutes to Downtown! This 2004-built two story townhome is in a peaceful neighborhood with HOA-maintained stucco exterior and grassy lawn. Featuring wood floors on main and upper levels, this pet-free and smoke-free home is newly repainted and recarpeted. The central A/C will be just what you were looking for. Welcoming covered entry is across from community parking and green space. Main level great room features fireplace. Kitchen opens to living room across counter bar. Kitchen has tile floor, double sink, and pantry cabinet. Living room walks out to extended patio with rear fence and city view. Garage is on the main level. Generously sized primary bedroom with wood floor and mountain view will be a nice retreat. Attached primary bathroom offers large two-sink vanity and oversized shower. Upper-level second bedroom has wood floor and city view. Full hall bathroom and laundry closet are upstairs with the bedrooms. What’s better than that? How about a private guest suite in the finished basement?! While it may be your office, TV room, or workout space, it’s fully equipped as a private suite with a bedroom and bathroom with oversized shower. The home, garage, A/C, and views are great…but the location is incredible. Bear Creek Park is minutes away for endless trails, dog park, tennis, archery, basketball, community garden, and more - a neighborhood treasure. You’ll be near Old Colorado City to enjoy famous local restaurants and unique shops. Or take 21st St to The Broadmoor, Cheyenne Canyon, Stratton Open Space, and Gold Camp Reservoir. Downtown offers US Olympic & Paralympic Museum, Fine Art Center, and more. Have more of what you want and everything you need - main level great room, large primary suite upstairs, and basement guest quarters, all on the Westside! Assumable!
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.
