3801 Oak St, Wheat Ridge, CO 80033
3 beds · 2 baths · 1,709 sqft
Get a free consultation call with an expert in the mortgage assumption process.
Assume this home at 2.85% and save thousands annually" Nestled in a quiet enclave of Applewood Estates, this expansive 12,589 sq. ft. (.29 acre) lot offers the ultimate Colorado mountain-town feel—right in the heart of one of the most sought-after neighborhoods in the Wheat Ridge, Golden, Arvada, Denver Metro area. Surrounded by multi-million-dollar estates and new luxury developments, this unique property delivers incredible flexibility for homeowners, investors, and entrepreneurs alike. Whether you're looking to create your private mountain-style retreat, develop a Triplex, or build a multi-unit investment property, the possibilities here are endless! There are a few scenarios to consider when purchasing this home. Currently seller lives in the house and has been using the 700 sq ft studio for music and workout studio. It was set up as yoga studio for the previous owners. The studio has its own address. There's a new electric panel. Could be converted into an ADU. There are three 220 Volts on the garage that will work great for RV and parking. The owner currently rents it to travelers needing a spot. The house has a gourmet kitchen with gas stove top, double ovens, barstool area, great space for dining, tons of storage, 2 bedrooms and bathrooms on the main floor and a large bedroom and office area/of convert to another bathroom. Central A/C great back patio area, dog run, large shed and remodeled The city will allow a triplex on the property that can go up to 35ft high. Several townhouse communities in the area are building and selling in the high 700's They are smaller and only have a 1 car garage. This area could work for larger units and 2 car garages. The lot is 12,589 sq ft and city requires 12,500. Live/Work, use the studio for your small business, artist studio etc... Close to Lutheran Hospital, several assisted living facilities, great new restaurants, grocery shopping. Easy access to I70 to get up to the mountains for skiing.
Source: RECO #9189696
All values shown are estimated costs / mo.
Source: Public records
Source: RECO #9189696
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.
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.
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.
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.
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 “Save search” 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.
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 620, 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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