1048 Florence Ave, Colorado Springs, CO 80905
3 beds · 1 baths · 894 sqft
Welcome to this sweet, cozy home nestled in south Colorado Springs! Highlights include proximity to the World Arena, world famous Cheyenne Mountain Zoo, multiple military bases, open spaces, shopping, and Downtown! This neighborhood is established and lies in the path of a 25 year city project that includes updates and improvements, benefiting all of its residents as time goes on. The home itself has a private, fenced backyard perfect for pets and entertaining. Inside, enjoy tons of natural light pouring through the beautiful window bank in the living room. As winter approaches, you can look forward to warming yourself by the wood-burning stove. The surprisingly spacious kitchen is conveniently flanked by a pantry/utility room combo, with easy access to the backyard - perfect for summer barbecues! All three bedrooms are situated together and have close access to the bathroom. The roof was replaced and permitted in 2020, the furnace was replaced and permitted in 2022, and the radon mitigation system was installed circa 2020, so you can rest easy knowing you won't have to deal with those items any time soon. This lovely home is move-in ready and won't last long - ask your agent to schedule a showing today!
Source: RECO #4852036
Interest rate and monthly payment estimated based on public records.
Source: RECO #4852036
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: #4852036
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