358 13th St, Penrose, CO 81240
4 beds · 2 baths · 1,705 sqft
Imagine finding a 10 acre parcel with a 4 bedroom 2 bathroom home, a small barn with tack room and panel-gate paddock. Add views. Now imagine this home sits near a live stream and is fenced, cross-fenced, and has electric fence perimeter. Would you graze cattle, horses, goats? Add a well and a homeowner-owned propane tank and water treatment system. A wood-burning fireplace for Colorado winters would be cozy and Central Air Conditioning for Colorado summers would be cool. There's a beehive with cold-tolerant Russian bees to pollinate the natural surroundings tucked in between cedar trees near a live stream. The barn is near enough to the stream for your livestock to enjoy it while grazing, no need for a stock-tank. Extensive driveways have already been installed and maintained for your ease of access to your hobby farm, including spots to store your farm equipment, or even a boat. Drainways and culverts have been thoughtfully worked into the landscape to preserve it from erosion or flood during Colorado's summertime downpours. Now imagine you could have this 10 acre property alone OR choose to own up to 3 adjacent/contiguous 10 acre parcels in addition; which are also fenced and cross-fenced, and strung with electric fence. One of these parcels has a 100m firing range and another has a small feed storage shed for cattle that's been used for winter hay. The onsite property Homebook holds more information and photographs. This property also has virtual tours.
Source: PPMLS #4804140
Interest rate and monthly payment estimated based on public records.
Source: PPMLS #4804140
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: #4804140
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.