Welcome home to this beautifully maintained home in the Banning Lewis Ranch community with hiking trails, parks, Community Center with Gym, Pool and Tennis. This bright open floorplan has high tray ceilings, oversized windows on the main as well as wood flooring giving a luxury feel throughout. The gourmet kitchen is a chef’s dream with Gas oven/range, ample cabinet space, additional oversized corner walk in pantry and coffee bar area with a sprawling Island breakfast bar perfect to gather around with friends & family. Just off the dining room is a walkout to the outdoor patio for grilling and entertaining. Gather around a Fire out back in the chilly Colorado evenings or watch the sunset while taking in the Colorado mountain views. The lot backing to the open trail system is a highly coveted location with majestic mountain views. Add a firepit area, playground, or garden area to this beautiful outdoor space to make it your own. The open-concept floor plan is ideal for family and friends, while the upper-level bedrooms offer privacy and comfort. Venture upstairs to the Primary suite with En Suite bathroom featuring a double vanity, and walk in shower with ceramic tile floor and surround. The primary suite has an oversized walk-in closet with built ins for all your storage needs. The upstairs has a 2nd living room space that can be used as a play room, Family room, home office, or could easily be converted into a 4th upper bedroom. The unfinished basement space is a wonderful addition to this floorplan. Use it for extra storage or build out for an exercise room, gaming area, and additional bedrooms and a bathroom as well as another family room space for movie night. The home is conveniently located and blends convenience with modern comfort and is ready for you to grow into. Don’t miss your chance to own this gem in a growing neighborhood close to everything Colorado Springs has to offer!
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.
