835 N UNION BLVD, Colorado Springs, CO 80909
Beautiful Victorian Home has been recently upgraded, well maintained and offers three units with separate entries for multiple rentalsand/or You can live in one and rent out the others! Centrally located in a great area across from the Olympic Training center and move inready. There are 5 parking spaces in the back, corner lot and a full storage unit in the fenced in backyard. The current home owner has takenreally good care of this turn-key income producing home. All three units have been well maintained and all appliances and inner workings ofthe home are in good condition! Unit 1, is the basement level home featuring two bedrooms, full kitchen, bathroom and laundry. Unit 1 hastwo entrances; one on the side of the home and one in the back yard; direct access from the parking lot. Unit 1 has updated flooring, gasstove and extra private. Unit 2 is on the main level of this home, has two bedrooms and has private access from the front yard and backyard. Unit 2 has a nice kitchen with a gas stove, pantry, extra storage, one bedroom, a large living space with a fireplace and a good sizelaundry room. Unit 3 is upstairs and has the best view of pikes peak. LVP floors throughout, exposed brick and a large living room with agood size kitchen. Unit 3 has two bedrooms, one full bathroom, stackable washer and dryer, built ins and a deck with views of American'sMountain, Pikes Peak!
You may be able to put down less than the total down payment amount of $151,178 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: #8793901
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