5081 Willowbrook Rd Colorado Springs, CO 80917
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About this home
Welcome to this beautiful 4-bedroom, 3-bath four-level home with a finished basement in the highly sought-after Old Farm neighborhood. Situated on a large corner lot in a cul-de-sac, this property features mature trees, a fenced backyard, and plenty of space to enjoy inside and out. Step inside to soaring vaulted ceilings, wood flooring, and a bright dining room that flows into the open-concept kitchen. The kitchen includes a large center island, stainless steel appliances, abundant cabinetry, a farm sink, and skylights that provide abundant natural light. The attached eating nook and formal living room create an ideal gathering space, with the formal living room offering a gas fireplace and access to the back deck. Upstairs, the spacious primary suite features a barn door entry to the attached bath, with large walk-in closet, and three-quarter shower. Two additional bedrooms and a full bath complete the upper level. On the lower level, enjoy a large family room with a beautiful brick-surround gas fireplace with built-in wood shelving, backyard access through the sliding door and a laundry room/bathroom combo with a shower. The basement includes a large sitting room, mechanical room, storage closet, oversized 5 ft crawlspace for storage, and another bedroom. The fenced backyard is a retreat with a covered deck, stone fireplace, tree swing, and mature landscaping. Additional highlights include a two-car garage, newer furnace and A/C (2021), upgraded electrical panel, covered gutters, space for RV parking and winter views of Pikes Peak. Conveniently located near the Powers Corridor with easy access to shopping, restaurants, schools, and medical facilities. Location, updates, and charm—this Old Farm home has it
Source: PPMLS #6968848
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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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