125 RAVENGLASS WAY, Colorado Springs, CO 80906
Welcome home to this amazing retreat up on the side of Cheyenne mountain! Entering the front door, you will notice the 20ft. Ceilings in the formal living room to your left and the gorgeous formal dining to your right. Real hardwood floors lead you into the two story great room with a floor to ceiling wood burning fireplace and wainscoting all the way around. Huge chefs kitchen with island and plenty of room for entertaining. Granite countertops, travertine flooring, stainless steel appliances, drawer style microwave in the island and dual trash drawers all make this a dream kitchen! Another dining area sits off of the kitchen surrounded by windows so you can sit and have your morning coffee while watching all of the deer in your backyard! Off of the kitchen you will find the laundry room and an oversized pantry leading out to the huge 3 car garage. Also on this floor, you will find the main level primary suite featuring his and her separate closets, five piece en-suite bathroom with tile floors, double sinks, stand alone shower and a soaking tub. The upper level, that looks down into your great room, features a cozy loft area and three additional bedrooms, one of which connects to one of the two bathrooms up on this floor. Bedrooms five and six are found in the basement along with a huge family room with a wood burning fireplace down there as well. One of the basement bedrooms connects to the full bathroom in the basement. The other bedroom is being used as a game room currently. There is also an unfinished room in the basement for lots of storage! This home sits on a 1/3 acre corner lot in one of the most desirable school districts in the city! Sit out back on your wood deck and watch all of the deer that visits daily in your backyard! Come find your dream home in Colorado Springs!
You may be able to put down less than the total down payment amount of $38,431 and have the rest of the funds financed with a 2nd mortgage from a lender. 4
Location
Details
How it works
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Tour
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.
Offer
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Close
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
Who can qualify
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.
Frequently asked questions
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.
Will an assumption work for me?
An assumption might be a suitable option for you if you meet the lender’s qualifications. We also offer Roam Boost to help buyers reduce the down payment required to a minimum of 5-15%. See below for more FAQs specific to Roam Boost.
Why do buyers use Roam?
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Roam helps home buyers find and purchase homes with a low-rate assumable mortgage included. Once you find your dream home, Roam manages the process of assuming a low-interest rate mortgage, helping buyers save thousands a year on mortgage payments compared to buying with a traditional mortgage at today’s rates. On average, buyers who use Roam save $15,000 in mortgage payments annually.
MLS ID: #8676843
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