616 Meade St, Denver, CO 80204
4 beds · 2 baths · 1,076 sqft
Get a free consultation call with an expert in the mortgage assumption process.
House Hackers Dream: Multi-Generational Living OR Live upstairs and rent the MIL suite in Basement for added income! This quaint house is conveniently located in Villa Park with easy access to the mountains and is just minutes from downtown Denver. Walk to plenty of parks, trails, sports venues, the light rail, Sloan's Lake and all that Denver has to offer. The main level boasts 2 bedrooms, and updated bathroom and laundry facility in unit! The living room is charming with a coved ceiling and arched door ways to a large kitchen with original charm and updated appliances. The home has original hardwood floors and baseboards through out. The carport and long driveway provides plenty of off-street, covered parking. Your 4-legged friends will enjoy the spacious, fully fenced back yard! The back door invites a separate entrance to basement MIL suite; the staircase has been built out to give easy access to move in large furniture. There is a separate living area located downstairs next to a spacious bedrooms with oversized closet, large egress window for more light, a recently updated bathroom and a large kitchen area with laundry and plenty of storage. A second bedroom or office completes this space perfectly. There is a street light out in front that keeps the yard illuminated. The house is cute and well maintained (New sewer line in 2024, added W/D in upper unit in 2024). The property is zoned for an ADU (Accessory Dwelling Unit). *Info deemed relaible, but Buyer to do all own Due Dillagence.
Source: RECO #7020920
All values shown are estimated costs / mo.
Source: Public records
Source: RECO #7020920
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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