7645 POTOMAC DR, Colorado Springs, CO 80920
Welcome to this charming 4-level home in the heart of Briargate located between Woodmen & Research. This adorable home is on a corner lot & sits on over a quarter acre. Walking in from the front door, you'll love the open & bright main-level living room with vaulted ceilings. The kitchen has stainless steel appliances with an eat-in dining area that opens to the lower-level family room. The family room has a wood-burning fireplace, & an updated half bath with a laundry area & the garage is on this level. There's access to the huge backyard that is mostly xeriscaped & there's a 28x17 concrete patio that's covered, making this backyard perfect for entertaining or simply relaxing, day or night. Upstairs you'll find the master bedroom featuring a vaulted ceiling, electric blinds, a walk-in closet, & french doors that lead you into your ensuite bath with double sinks & stand-up shower. The upper level includes another full bath that is updated with a skylight with 2 additional bedrooms featuring more vaulted ceilings! The finished basement has a 2nd family room & 4th bedroom with an ensuite updated 3/4 bath. There's plenty to love about this adorable home & some extras include: NO HOA, a 2023 water heater, a 2024 Class 4 roof with a transferable warranty, updated bathrooms, newer paint & carpet, an insulated garage & garage door, drip lines with an auto sprinkler, a large shed that's bolted down with a concrete slab, washer/dryer & window coverings included, electric blinds in the master bdrm, 28x17 covered patio & there's an American Home Shield Gold Plan Warranty that is transferable expiring 3/2025. Enjoy peace of mind with a fire hydrant conveniently located at the front of the house & the Fire Dept is less than 5 min away. Nestled within walking distance are all 3 neighborhood schools with concreted bike trails & hiking trails. With nearby hospitals, shopping centers, entertainment venues, restaurants & more, this home is not just a residence—it's a lifestyle.
You may be able to put down less than the total down payment amount of $300,040 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: #4480931
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