1460 Lily Lake Dr, Colorado Springs, CO 80921
5 beds · 4 baths · 4,276 sqft
Step into this inviting home and experience the perfect balance of comfort, functionality, and style. Upon entering, you’re greeted by a charming sitting area alongside a potential dining room, setting the tone for the thoughtful design throughout. In the great room, a stunning two-story wall of windows bathes the space in natural light, offering breathtaking views of the outdoors. This expansive area seamlessly connects the living room—featuring a cozy gas fireplace with custom built-ins—to the eat-in kitchen and dining area. Beautiful hardwood and plush new carpet floors bring a cohesive warmth to the space. For added convenience, the main level also includes a spacious office, complete with a dual-sided fireplace that connects to the living room. The eat-in kitchen serves as the heart of the home, designed to inspire gatherings and culinary creativity. Highlights include a generous center island with elegant tile countertops, stainless steel appliances, a double oven, and a large corner pantry for effortless organization. Upstairs, the primary bedroom suite offers a luxurious escape with a walk-in closet and a spa-like 5-piece bathroom. Three additional bedrooms, a full bathroom, and stunning mountain views round out the upper level. The finished basement provides endless possibilities, whether as a separate living space or the ultimate entertainment zone. It features a spacious living area with a wet bar, a bedroom with an adjoining bathroom, and a dedicated exercise room. Wine enthusiasts will appreciate the full bar and custom wine cellar with a humidifier. Located in the highly sought-after Northgate area, this exceptional home offers unbeatable convenience. You’ll enjoy easy access to I-25, scenic trails, top-rated D-20 schools, restaurants, entertainment, healthcare facilities, and the U.S. Air Force Academy. Don’t miss this rare opportunity to call this stunning property your own—schedule your showing today!
Source: RECO #8441555
Financials
Source: Public records
Source: RECO #8441555
To qualify, you must meet the current FHA or VA 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.
FHA (Federal Housing Administration) loans
FHA loans require the buyer to assume the mortgage as a primary residence.
VA (Veteran's Affairs) loans
You don't have to be a veteran to assume a VA loan. However, not all veterans are willing to let a non veteran assume their mortgage. Roam confirms the seller's willingness prior to you making an offer.
Investors
You may be able to assume a VA mortgage as an investor without it being your primary residence.
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.
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