1216 Maxwell St, Colorado Springs, CO 80906
3 beds · 2 baths · 1,500 sqft
This 3-bedroom, 2-bath tri-level home offers endless potential and sits on a generously sized lot with an extended parking area, perfect for an RV or additional vehicle storage. The front yard is enclosed by a chain-link fence and features a large shade tree, and easy-care xeriscaping. As you enter the home, the front door has a convenient keypad entry. Inside, the living room has hardwood floors and provides a cozy space to unwind. The kitchen has durable laminate flooring, white cabinets, and stainless-steel appliances. Additional pantry cabinets provide extra storage. A set of barn doors opens to a large bonus room with laminate floors, perfect for extra living space. There are two sets of closets and access to the extended one-car garage with shelving for storage. A sliding door leads to a covered porch with brick flooring and a storm door opening to the backyard. Outside, a wood deck offers a great spot for entertaining. The backyard includes a mix of privacy and chain-link fencing, a large storage shed with a loft, and a smaller fenced area that could serve as a dog run. Additionally, there is access to the basement via outdoor steps. Back inside, the upstairs primary bedroom features a ceiling fan and an extended, deep closet, while bedroom two also has a ceiling fan, an extended closet, and a built-in shelf area behind the door. The full bathroom has tile floors, a linen closet, a newer vanity with ample storage, a medicine cabinet, and an updated tub/shower with a tile surround and a window that opens. Downstairs, there’s a bonus area near the basement stairs with hanging rods for convenience. The third bedroom has carpet, an extended closet, and a garden-level window. The laundry area has washer and dryer that stays with the home. The downstairs bathroom features tile floors, a walk-in shower, and a window that opens. New furnace 2020, new roof 2018. Centrally located, with plenty of space inside and out, this property offers fantastic potential!
Source: PPMLS #6172120
Interest rate and monthly payment estimated based on public records.
Source: PPMLS #6172120
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: #6172120
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.