1016 E High St, Colorado Springs, CO 80903
2 beds · 1 baths · 1,224 sqft sqft
VA Assumable. Are you looking for a charming older home located downtown, but want the stability and peace of mind of a newer one? Then this is the house for you! This early 1900's build maintains much of it's original charm, but has a plethora of updates. This rare find has two large bedrooms with new flooring installed, an office with a loft bed (and secret passage), and a wonderful sun-room that is radiating and welcoming! A large living room greets you when you enter from the covered front porch which is situated next to the dedicated dining room, with both rooms still featuring the original hardwood floors that were recently refinished. A wood burning stove was once in the dining room, and although it's been removed the structure remains if you'd like to install a new one. The kitchen lower cabinets have been upgraded, but the original uppers remain to add to the historic charm. The bathroom was completely remodeled in 2023, and features upgraded countertop, cabinets and double sinks, new floors, and a resort quality oversized shower. Basement storage AND bonus attic space just waiting to be developed. Just off the back porch you'll find a spacious yard and an oversized concrete patio. The corner lot offers space for 4 cars to park, and also includes a detached garage. The foundation has been shotcreted for stabilization, flooring stabilized with support jack posts, electrical updated to code (2020), new water heater (2019), new windows (2019), new insulation, sump pump, roof shingle underlay, new siding on front of house, new water main sewage line, new gutters and much more. Conveniently located just blocks from Downtown Colorado Springs, the Olympic training center, Memorial Park, and Memorial Hospital. This home is just waiting for you to make it your own! Zoned R2
Source: PPMLS #3146500
Interest rate and monthly payment estimated based on public records.
Source: PPMLS #3146500
Source: Public records
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Whether you have an agent or you’re just starting your search, reach out to us and we’ll help set up a home tour.
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
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.
What 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.
MLS ID: #3146500
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