1893 County Road 127 Penrose, CO 81240
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About this home
Nestled just outside the city, this wonderful 4,405 SF home offers the perfect blend of peaceful country living and easy access to city amenities and employment. Built in 1992, the home features 4 spacious bedrooms and 3.5 baths. The finished basement includes a second kitchen, creating a private apartment-style space ideal for guests or multigenerational living. The main kitchen is generous in size and equipped with granite countertops, stainless steel appliances, and a breakfast bar—perfect for casual meals. A giant dining area is perfect for large holidays, and a massive pantry offers storage space that could last through anything—even a zombie apocalypse! Enjoy efficient heating and cooling with baseboard hot water heat, three mini-split units, and a cozy pellet stove. The sunroom invites you to grow plants year-round or simply relax with a book in natural light. Outside, unwind in the hot tub (negotiable with the sale) and enjoy the rare convenience of having both city water for the home and an agricultural well for irrigation and livestock. The property also includes an attached garage, a huge, detached garage with a workshop, a chicken coop, and a loafing shed—ideal for hobby farming or rural projects. Situated on 38 acres with varied terrain you can bring all of your furry friends, enjoy private ATV/walking/equestrian trails or just delight in the privacy that this acreage creates. If 38 acres isn't enough, do not fret! Just a few parcels away you will find hundreds of acres of state land and Brush Hollow Reservoir is just a quick ride away providing fishing and outdoor joy. This property truly lets you live the country dream while staying close to your city job. Enjoy commuting from this property driving the beautiful and relaxing mostly traffic free road which is so much better than fighting the City traffic when commuting from the Northern areas of Colorado Springs! Great home to use to a vacation rental with ample space for large parties!
Source: PPMLS #1640437
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FAQs
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.
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.
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.
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.
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 “Save search” 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.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
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