318 Swope Ave, Colorado Springs, CO 80909
3 beds · 2 baths · 2,052 sqft
Welcome to this charming rancher situated on a large lot with sought-after C-6 zoning and 2,376 sq ft of spacious living. This home offers the unique opportunity for both residential living and business possibilities right in the heart of Colorado Springs, and is ideal for those seeking comfort, convenience, and versatility. Upon entering, you’re greeted by hardwood flooring that flows through the cozy living room, complete with a warm fireplace, making it the perfect space to unwind or entertain. The open layout continues into the dining area and kitchen, featuring ample cabinet storage, stainless steel appliances and a counter bar, ready for your personal touches. This home features 3 generously sized bedrooms on the main level, accompanied by a full bathroom. Each bedroom offers plenty of room for relaxation & storage, making it perfect for families or those who prefer main-level living. Downstairs, a spacious family room awaits, with a second wood-burning fireplace, a non-conforming bedroom or bonus living area, and a convenient half bath—ideal for a home office, movie nights or extra guest accommodations. There is also direct access to the backyard from the basement. Outside, the fully fenced yard offers privacy and ample space for pets, gardening, or outdoor activities, with a detached 1-car garage for additional storage. A standout feature of this property is its C-6 or MX-L zoning, offering endless potential for commercial use. Whether you're looking for a home-based business, office space, or other business ventures, this versatile property is perfectly positioned to meet your needs. Located near Memorial Hospital, Memorial Park, the Olympic Training Center, downtown shopping, dining, schools, parks, and trails, this home offers convenient access to everything Colorado Springs has to offer, including major highways for easy commuting. Don't miss this rare opportunity to own a home that combines residential comfort with commercial potential!
Source: PPMLS #6400324
Interest rate and monthly payment estimated based on public records.
Source: PPMLS #6400324
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: #6400324
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.