140 Ely St, Colorado Springs, CO 80911
5 beds · 3 baths · 2,143 sqft
This well-maintained 5 bed, 4 bath ranch plan home offers a range of modern updates and thoughtful features. The front yard features a newly painted deck, while the backyard offers a covered porch, concrete patio, garden beds, privacy fencing, and a built-on shed with ceiling fan, gas, and electric. Extended one car garage and concrete driveway provide ample parking with space for an RV. Inside, the main level has newly refinished hardwood floors. The living room features a ceiling fan, large picture window, and coat closet, while the dining area includes a large window and access to the backyard. The kitchen is updated with tile floors, stainless steel appliances, a gas range, and painted cabinets, complemented by a stone backsplash and new sink. The large primary bedroom offers a walk-in closet and the attached bathroom features a tiled walk-in shower with cut-out nooks and an updated vanity. The hallway bathroom includes tile floor, ceramic marbled walls, and a deep soaker tub, along with an updated vanity and lighting. Another good sized bedroom and bonus room with built in wall safe which would make a great office, complete this level. Three additional bedrooms are located in the basement, one serving as a second primary suite with laminate floors, two windows, and an attached bathroom with river rock flooring in the walk-in shower. The large fourth & fifth bedrooms both have walk-in closets. A spacious family room in the basement includes built-in cabinets and counters, perfect for a dry bar or kitchenette setup. The laundry area includes a washer, dryer, and refrigerator, all of which stay with the home. Solar panels installed in 2018 and are fully paid off. The house includes a Vivint security system with doorbell camera, motion sensors, and thermostat control. Key updates include a furnace (2020), water heater (2018), electric panel (2018), and a roof replaced in 2013. The central AC keeps the home comfortable year-round. Great central location!
Source: PPMLS #5228761
Interest rate and monthly payment estimated based on public records.
Source: PPMLS #5228761
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: #5228761
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.