4560 Canonwood Rd Colorado Springs, CO 80906
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About this home
Nestled among the trees in the heart of Cheyenne Canyon, this charming 2-bedroom, 1-bathroom log cabin offers a rare blend of rustic character and tranquil living. Set on a beautifully treed lot with the soothing sounds of a nearby creek, this home invites you to unwind and connect with nature. Step inside to find a cozy living room featuring vaulted ceilings, skylights, concrete floors, exposed log beams, and a wood-burning fireplace—perfect for chilly Colorado evenings. The partially renovated kitchen includes a new gas stove/oven and provides a solid foundation for your own personal updates. The primary bedroom offers a unique bonus space that can serve as a sitting area, office nook, or walk-in closet. The second bedroom is truly a treehouse-style sanctuary, surrounded by windows on three sides for a 260-degree view of the natural beauty outside and abundant natural light throughout the day. The updated bathroom features a dual vanity, newly tiled walk-in shower, a classic clawfoot tub, and built-in storage for linens. Additional highlights include: mini-split A/C system for year-round comfort, covered carport that doubles as a workshop area, private neighborhood access to hiking trails, close proximity to Helen Hunt Falls, Seven Bridges, North Cheyenne Cañon Park, and outdoor recreation opportunities galore. Whether you're looking for a full-time residence, a peaceful weekend getaway, or an investment with charm and character, this property offers endless potential to make it your own mountain retreat.
Source: PPMLS #8368394
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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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