6617 Cottonwood Tree Dr, Colorado Springs, CO 80927
3 beds · 3 baths · 2,280 sqft
ABSOLUTELY STUNNING, METICULOUSLY MAINTAINED, w/ ONE OF A KIND VIEW/BACKYARD!!! This home screams 'pride of ownership' from the moment you lay eyes on the fully landscaped front yard. This home features 3 bedrooms, 3 bathrooms, and a separate office on the main level. The entryway opens to the living room, dining room, and kitchen area, making it open and inviting... perfect for entertaining. While you'll be impressed with the beautiful kitchen, cozy fireplace in the living room, and wood floors on the main level, all of your attention will be captivated by this homes one in a million views of the enormous open/green space behind the home. Be sure to step out on the deck and take a few minutes to fully embrace the peace of the stunning backyard. The lower level exterior has a custom stone seating wall, gas fireplace, and like new 6-person hot tub (included!). You will truly never want to leave the serene backyard. Heading back inside, the upstairs boasts a spacious master bedroom featuring a 5 piece ensuite bath with double vanity, free standing shower with two shower heads, and luxurious tub. The upper level also has bedrooms two and three, and another full bath. The basement is an added bonus, providing many possibilities as it is unfinished and able to be completed, and provides walk-out access to the stunning back yard. The home is fitted with a commercial grade whole house wifi system, perfect for working from home, or supporting all your streaming needs. This home has it all and the Banning Lewis Ranch community has amenities galore, including neighborhood schools, over 75 acres of parks/trails/open space, tennis courts, basketball court, rock climbing parks, zip-lines, access to pools, splash pad, water park, and dog park. Recreation center houses a fitness center and also regularly hosts classes and events for all ages. In the summer months, catch a neighborhood concert, festival, food trucks, farmers market or enjoy other regular community events.
Source: PPMLS #6396037
Interest rate and monthly payment estimated based on public records.
Source: PPMLS #6396037
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: #6396037
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.