421 S Prospect St, Colorado Springs, CO 80903
3 beds · 2 baths · 1,553 sqft
*Charming Fully Renovated Downtown Home with R2 Zoning and Income Potential!* Welcome to your dream home in the vibrant heart of Colorado Springs! This beautifully renovated residence, situated on a generous double lot, features highly desirable R2 zoning that creates a fantastic investment opportunity for savvy buyers. As you step inside, you'll be greeted by a bright and open layout that immediately makes you feel at home. The stunning kitchen showcases stainless steel appliances, quartz countertops, and ample cabinetry with serving buffet makes it a perfect space for entertaining. The main floor houses a spacious living area that is infused with natural light, and a convenient dining space that flows seamlessly into the kitchen. Venturing downstairs, you'll discover a fully finished basement that offers a private entrance, providing independence and privacy for guests or tenants alike. This versatile basement includes a fully equipped accessory dwelling unit (ADU) featuring its own inviting living area, a full kitchen, a cozy bedroom and bath, and a modern bathroom—making it ideal for generating rental income or providing comfortable accommodations for visiting friends and family. KEY FEATURES: *Double Lot* Enjoy an expansive outdoor area that presents endless possibilities for gardening, entertaining, or future development projects. *R2 Zoning* Take advantage of the versatile zoning that enhances the property's potential, opening doors for various residential and investment opportunities. *Prime Location* Immerse yourself in the vibrant downtown Colorado Springs lifestyle, with an array of nearby shopping, dining, cultural attractions, and beautiful parks just moments away. This property is the perfect blend of a charming home and a lucrative investment opportunity, making it a rarity in today’s market. Don’t miss out on this exceptional chance to become part of the Colorado Springs community. explore all that this remarkable property has to offer!
Source: PPMLS #3386494
Financials
Source: PPMLS #3386494
Source: Public records
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%. 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.
Other resourcesWhat 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.