1381 VALLEY DR, Penrose, CO 81240
Your slice of paradise awaits! You will not find a cleaner home on 40 acres with all these updates at this price! New metal roof in 2017, new septic system in 2020, & new well pressure tank in 2020. 2022 updates include: interior paint, LVP flooring, kitchen remodel with stainless steel appliances & new countertops, fully paid off water softener, windows, & a massive ground mounted solar set up that covers the electric bill plus a yearly buyback from Black Hills Energy. The home features 4 bedrooms and 3 bathrooms on 40 serene acres tucked away in the Pinon Valley area of Penrose. The large primary bedroom has a 5 piece bathroom, large walk in closet, and an attached bonus room. Two of the secondary bedrooms have walk in closets. The third bedroom has an attached private bath. Not one but two pellet stoves generate more than enough heat when needed but they are backed up by a forced air furnace. The 52'x30' insulated shop has 4 10' doors and is ready for all the toys and projects. The almost perfectly square property boasts breathtaking mountain views with added privacy from the elevation change behind the home. Don't wait to schedule your showing today!
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: #2568236
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METROLIST, INC., DBA RECOLORADO will not knowingly accept any advertising for real estate that is in violation of the law. All persons are hereby informed that all dwellings advertised are available on an equal opportunity basis.
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