6725 MONTEREY PINE LOOP, Colorado Springs, CO 80927
Fabulous Banning Lewis 2-story home w/ 2nd living quarters in the finished basement. Beautifully landscaped w/ rock beds, trees, & shrubs. Covered front porch to enjoy the fresh air! This home offers 3254 sf of living space w/ 6BR, 4BAs, & 2-car garage. Open ML floor plan great for entertaining family & friends. Central air & heat w/ SMART home thermostat for year-round comfort. SMART home door locks & sec sys for extra protection. Sump pump. Hardwood floors through most of the ML. Window coverings. French doors off the Entry lead into the ML BR (currently used as an office) w/ mirrored closet doors. Powder Bathroom. The Living Rm boasts a lighted CF, gas-log FP, & view to the backyard. It flows effortlessly into the Dining Rm & Kitchen. The Dining Rm has a slider to the deck w/ stairs to the backyard. The Island Kitchen features a pantry, counter bar, & white cabinets w/ granite countertops for kitchen storage & easy food preparation. Appl incl a French door refrigerator, double ovens, a gas cooktop, dishwasher, & built-in microwave. The UL hosts a Laundry Rm w/ built-in shelves, 4BRs w/ neutral carpet, & 2BAs. The Primary BR has a tray ceiling, lighted CF, sitting area, walk-in closet & 5pc Bathroom. The Primary Bathroom incl a tile floor, dual sink vanity, framed mirror, soaking tub, & separate shower. 3 more BRs share a Full Hall Bathroom. The Garden Level Basement hosts a Family Rm, 2nd Kitchen w/ gas range oven, dishwasher, & built-in microwave, & a Laundry Rm w/ upper cabinets, washer & dryer. There is a 6th BR & Shower Bathroom, great for guests or in-laws. The fenced backyard offers auto sprinklers, turf, trees & shrubs, a deck, & covered patio. Residents of Banning Lewis enjoy extensive amenities including award winning schools, pool & splash pads, pickleball courts, dog parks, pocket parks, & the Ranch House w/ meeting & event spaces & fitness center. Easy access to military bases, shopping, hospitals, restaurants, & major roads such as I25 Powers Blvd.
You may be able to put down less than the total down payment amount of $49,108 and have the rest of the funds financed with a 2nd mortgage from a lender. 4
Location
Details
How it works
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Tour
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.
Offer
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Close
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
Who can qualify
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.
Frequently asked questions
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.
Will an assumption work for me?
An assumption might be a suitable option for you if you meet the lender’s qualifications. We also offer Roam Boost to help buyers reduce the down payment required to a minimum of 5-15%. See below for more FAQs specific to Roam Boost.
Why do buyers use Roam?
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Roam helps home buyers find and purchase homes with a low-rate assumable mortgage included. Once you find your dream home, Roam manages the process of assuming a low-interest rate mortgage, helping buyers save thousands a year on mortgage payments compared to buying with a traditional mortgage at today’s rates. On average, buyers who use Roam save $15,000 in mortgage payments annually.
MLS ID: #1839427
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