614 Orchestra Dr, Colorado Springs, CO 80906
4 beds · 3 baths · 3,019 sqft
Nestled at the base of stunning Cheyenne Mountain, this exceptional 4-bed, 3-bath home offers luxury, comfort, and convenience. Boasting 10-ft ceilings and a semi-custom kitchen with a large, custom pantry, breakfast bar, and newer stainless steel appliances, this home is designed for both style and function. The spacious primary suite features a private walkout, large walk-in closet, and an en-suite primary bath with dual vanities, a large tub and standing shower, while bay windows in the kitchen invite natural light throughout the open living space. The oversized, insulated garage includes a workshop and abundant storage, complete with a mechanical storage lift. Enjoy an open, finished basement, ideal for entertaining, which includes two large bedrooms and another large storage area. The secluded backyard patio offers a true sense of serene privacy; there's even an optional hot tub for ultimate relaxation! Additional upgrades include a new 2023 furnace, home humidifier, sump pump and backup sump pump, tile roof, and central vacuum system. Just minutes from The Broadmoor, Southgate Shopping Center, the Country Club of Colorado, and premier hiking trails—this is Colorado living at its finest!
Source: RECO #2675529
Financials
Source: RECO #2675529
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.
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