1558 Lily Lake Dr, Colorado Springs, CO 80921
4 beds · 4 baths · 3,365 sqft
This stunning 4/4/3 stucco home in the sought-after Trail Ridge South neighborhood features an exceptional floor plan designed for effortless entertaining. Ideally located near the Air Force Academy with easy access to I-25, this property offers convenience and charm. Relax and enjoy the Colorado sunshine on the inviting front porch or the expansive back deck. Inside, the open living and dining areas boast soaring ceilings and large windows that flood the space with natural light. A 3-sided fireplace elegantly separates the formal dining room from the great room, which includes a TV niche and built-in shelving. The bright and sunny eat-in kitchen is a chef's delight, complete with an island, gas range, hardwood floors, and ample storage in the pantry and cabinetry. The main level also features a spacious laundry/mud room with an additional large pantry, and a half bath. Upstairs, the loft offers a perfect office or play space. The master suite includes a french door entry, a large walk-in closet, a freestanding shower, and a relaxing soaking tub. Two additional upper-level bedrooms share a full bath. The finished basement is perfect for recreation, featuring a large room with space for gaming tables and a large screen TV. A fourth bedroom and three-quarter bath provide extra space for guests. The large fenced backyard is beautifully landscaped with mature trees. Additional features include a 3-car garage, central air, a humidifier, and ample storage. Located within the D-20 school district, this home offers peak views and large windows throughout, making it incredibly bright. Well-maintained and sure to impress even the pickiest buyers, this home is easy to show and move-in ready!
Source: PPMLS #7391211
Financials
Source: Public records
Source: PPMLS #7391211
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.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.