1401 Bates Dr, Colorado Springs, CO 80909
4 beds · 2 baths · 2,246 sqft
Welcome to your new home. This fully remodeled ranch-style home offers a blend of modern comforts and classic charm. Step into the spacious living room with a cozy gas fireplace, front sitting room with a large window that faces west or gather in the eat-in kitchen. The kitchen has ample counter space and drawers. The main level has two bedrooms that has a bathroom featuring a walk-in shower. The finished basement has an addition living space along with two bedrooms and a 3/4 bathroom. The utility room has additional space that can be used for extra storage or whatever your imagination creates. Your new home has been renovated in 2021, including a new furnace, water heater, roof, appliances and extra insulation was added to keep you cozy year-round. The electric wiring/panel was updated in 2022 along with a new front door and rear sliding glass door. As a finishing touch, a whole house fan was installed in 2024 for those warm summer days. When you want to venture out, your new home is minutes away for shopping and restaurants.
Source: PPMLS #1880162
Source: PPMLS #1880162
Source: Public records
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%. 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.
Other resourcesWhat 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.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.