251 Fay Dr Colorado Springs, CO 80911
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About this home
Welcome to this beautifully appointed two-story home nestled on nearly a quarter-acre lot. From the charming stucco and stone exterior to the mature trees and inviting curb appeal, this 5-bedroom, 4-bath residence offers space, character, and versatility. Step inside to discover original hardwood floors flowing throughout the main and upper levels. The main floor features a spacious kitchen with granite countertops and stainless steel appliances, opening seamlessly to both a formal living room and a cozy dining and family room. Host holiday dinners in the formal dining room or enjoy casual meals in the breakfast nook. French doors lead to a light-filled sunroom, perfect for your morning coffee or a peaceful reading retreat. The main-level bedroom offers flexibility as a guest room or home office. Upstairs, you'll find four generously sized bedrooms, including a private primary suite set apart from the others, complete with a huge walk-in closet and en-suite bath. The finished basement adds even more living space with a large rec room, multiple storage and utility rooms, and space for hobbies, crafts, or a home gym. Outdoors, enjoy warm afternoons on the covered front porch, evenings in the spacious back yard, and easy maintenance with the sprinkler system. The storage shed, wiring for a hot tub, and built-in area for a grill make this perfect for entertaining. Stay comfortable year-round with central A/C for summer days and a cozy fireplace for winter nights. With three distinct living areas, two dining spaces, and a flexible floor plan, this home offers room to grow and entertain. The attached 2-car garage completes the package. This is a home where memories are made—don't miss your chance to make it yours!
Source: PPMLS #3415759
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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.