6577 Cottonwood Tree Dr, Colorado Springs, CO 80927
5 beds · 4 baths · 2,653 sqft
Get a free consultation call with an expert in the mortgage assumption process.
A rare find backing to open space in the coveted Banning Lewis Ranch Community, with nearby schools, parks, trails, water & fitness recreation, & community events galore! Step inside from the covered front porch to the main level living room, an inviting space that anchors the home’s everyday rhythm. Just beyond, the eat-in kitchen blends style & function with granite countertops, including a central island with breakfast bar seating, storage & power! Plentiful cabinetry with lower pull-outs, & a pantry offer smart storage, coupled with a French door refrigerator adding a modern touch! A sliding door leads directly to the composite deck, making indoor-outdoor dining & entertaining effortless. The main level also features a convenient laundry room with washer & dryer included, along with a well-placed half bath for added practicality. Plank flooring runs throughout this level, offering a durable & contemporary feel. Upstairs, a built-in niche at the top of the stairs offers space for a desk or display. To the left, the versatile loft provides a second living space, offering flexibility to suit your lifestyle. The primary suite is situated to the right, providing a peaceful retreat. The layout creates a natural separation between the primary suite & the two additional bedrooms, full bath & linen closet. The spacious primary suite has a large walk-in closet, dual sinks, & an over-sized walk-in shower with a rain showerhead. The newly finished basement adds 2 additional bedrooms, a bathroom and a spacious family room expanding the home’s living potential. The thoughtfully designed backyard backs to open space—offering a rare sense of privacy in the neighborhood! Enjoy low maintenance living with a composite deck, stamped concrete patio, and turf lawn, all within a fully fenced yard. Complete with a 2-car garage with epoxy flooring, sprinkler system, central air conditioning, & a radon mitigation system, all this home needs is a new owner, and that should be YOU!
Source: PPMLS #1823961
All values shown are estimated costs / mo.
Source: Public records
Source: PPMLS #1823961
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.
Roam is committed to and abides by the Fair Housing Act and Equal Opportunity Act.