5662 Last Chance Dr, Colorado Springs, CO 80927
2 beds · 2 baths · 1,629 sqft
IMMACULATE better than new, ranch home on corner lot located in the desired Banning Lewis Ranch! Enjoy a bright and open living area where you can cozy up in front of the beautiful cosmopolitan fireplace. The kitchen is designed for both style and functionality with large island counter bar, stainless steel appliances, plenty of cabinet and counter space and a pantry for storing all the extras, and opens to a large dining area with walk out to covered patio extending your living space outdoors, providing the perfect spot to unwind or host gatherings. The large master bedroom is a great retreat area with adjoined bath and large walk in closet, there is a 2nd bedroom, a office/flex room POSSIBLE 3RD BEDROOM with french doors and a full bath. Great extras include beautiful and durable LVP flooring, tankless water heater, low maintenance yard with sprinkler/drip system and built on a crawl space that is lined giving you plenty of storage. The Banning Lewis Community is 2nd to none where you will make great memories enjoying the beautifully landscaped parks, walking & biking trails, clubhouse with 24-hour fitness room, pools, splash park, tennis/pickleball courts, farmers markets and summer concerts! You are just minutes from Powers Corridor with plenty of restaurants, shopping and entertainment.
Source: RECO #3483507
Financials
Source: Public records
Source: RECO #3483507
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.
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.
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