506 Chatfield Dr, Colorado Springs, CO 80911
3 beds · 2 baths · 1,493 sqft sqft
This charming cottage has been creatively updated and features 3 spacious bedrooms and 2 bathrooms. The kitchen, living, and dining area are open concept and have a fun and inviting feel! A convenient laundry room and HUGE walk in pantry are also accessible from the kitchen. Need flex space? This home also has an additional TV room for relaxation, a dedicated office space, a mud room, and an enclosed sunroom/greenhouse space. From the back door of the home you'll find a dedicated additional room previously built to be an indoor hot tub and sauna room! This could be your home gym, homeschool room, office, craft or workshop, playroom, etc! It is easily accessible from the outdoors and is an open room with a 220V plug. Step outside to an enclosed patio perfect for gatherings, along with a small fenced-in section of the backyard. The property includes two large sheds with plenty of shop space, a greenhouse and fenced garden area, as well as a chicken coop. These have been creatively blended into the back yard area and add to the charm of this entire property! Concrete pathways and the infrastructure for a back yard fountain are all in place. A one-car carport adds convenience, and the entire property is securely fenced. This remarkable home combines indoor comfort with abundant outdoor potential and could be used in so many ways! It's like a little hobby farm in the city but has potential to meet a variety of needs. Don’t miss your chance to see it—schedule your showing today!
Source: PPMLS #7662520
Interest rate and monthly payment estimated based on public records.
Source: PPMLS #7662520
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: #7662520
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.