85 HOMESTEAD RD, Divide, CO 80814
Nestled in prestigious Woodrock, this charming ranch-style home boasts a recently updated stucco exterior and a wraparound composite deck offering panoramic views of the Sangre de Cristo and Collegiate peaks, Dome Rock, and Mount Pigsah. Appreciate the unparalleled experience to see Colorado's diverse weather patterns unfolding over the landscape, creating an immersive connection with nature. A covered deck area is ideal for al fresco dining. Step into the residence and be greeted by a spacious great room framed by expansive windows that showcase the mesmerizing surroundings. The kitchen features granite countertops, stainless appliances, and a walk-in pantry for added convenience. The generous living and dining areas effortlessly flow to the deck, providing a seamless transition between indoor and outdoor living spaces, perfect for hosting gatherings. The main level includes a master suite complete with a walk-in closet and a five-piece en suite bathroom. Additionally, a half bath is on the main floor. Wood-style tile flooring throughout the main floor with in-floor heat in the great room. Descend to the lower level to discover three bedrooms, full bathroom, partially finished office/storage space, and spacious family room with direct access to the lower outdoor space featuring a greenhouse and gardening shed. Residents of Woodrock are granted exclusive privileges, including access to stocked fishing ponds, ATV trails, and a shooting range, ensuring ample opportunities for outdoor recreation and leisure. The detached oversized garage and a storage shed located at the front of the home offer additional functional space to accommodate your storage needs. Situated in proximity to Dome Rock State Wildlife Area, Mueller State Park, and offering easy access to the vibrant towns of Cripple Creek and Woodland Park, this property provides a tranquil retreat while ensuring convenient access to essential amenities and recreational facilities, all within a 30-minute drive.
You may be able to put down less than the total down payment amount of $160,414 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: #3150021
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