195 Briggs St Erie, CO 80516
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About this home
Located on the main street of Old Town Erie (Briggs), this unique property sits on a ¼ acre lot and offers incredible flexibility with Neighborhood Mixed-Use (NMU) zoning. The home is easily divided into two independent living spaces, each with its own kitchen and full bath. The two-story section is currently a successful Airbnb, generating an average of $25K gross annually, making this a fantastic income-producing opportunity. With NMU zoning, the possibilities are endless. Similar to 445 Briggs St, now home to Cyclerie e-Bikes & Kids Bikes, this property is perfect for a home business, office, rental unit, or even a small shop. The oversized 28x30 garage features 12' walls, insulation, a evaporative cooler, and rough-in plumbing for a future bathroom. It previously housed a car lift, making it an ideal space for automotive work, storage, or workshop needs. The outdoor space is just as impressive, featuring a 14x18 greenhouse with ~10' peak ceiling, two sheds (10x12 Tough Shed & 8x8 metal shed), and a 10x10 gazebo. The large yard includes two above-ground gardens, a grassy lawn, and a growing peach tree, perfect for those who love outdoor living and gardening. This prime location in Old Town Erie is within walking distance to local shops, restaurants, schools, medical facilities, and community events. Whether you’re looking for an investment property, a live-work opportunity, or a multi-use space, this home offers exceptional potential in a growing and sought-after area. Don’t miss out on this rare and versatile opportunity! For video footage https://unbranded.virtuance.com/listing/195-briggs-st-erie-colorado
Source: RECO #4152568
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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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