237 N Cedar St Colorado Springs, CO 80903
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About this home
This home offers assumable loan. This beautifully updated historic home, built in 1908, offers a unique blend of timeless charm and modern comfort. Located just minutes from downtown, Colorado College, hospitals, parks, and schools, this property is rich in Colorado history and full of character. The main level features gleaming hardwood floors, a bright office, a cozy living room, a spacious bedroom, and a full laundry room. The kitchen is updated with granite countertops, stainless steel appliances, modern cabinetry, and a gas stove, and it opens to a large dining area that includes a sun porch—perfect for gatherings. One of the standout features of the main floor is the expansive covered wraparound porch, ideal for enjoying morning coffee or an afternoon cocktail. Upstairs, the primary bedroom includes an attached bath with a classic clawfoot tub, and three additional bedrooms provide ample space for family or guests. The second floor also includes an enclosed wraparound porch that offers bonus living space, though it is not included in the official square footage. Outside, the oversized backyard deck provides stunning views of Pikes Peak and leads to a level yard complete with garden beds and a storage shed. There’s also plenty of off-street parking behind the home. Whether you're seeking a forever home with historic charm or potential rental income near Colorado College, this one-of-a-kind property is not to be missed.
Source: PPMLS #3016746
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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.
Roam is committed to and abides by the Fair Housing Act and Equal Opportunity Act.