7340 Waterwheel St Colorado Springs, CO 80911
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About this home
Spacious and Inviting 5-Bedroom Home with Exceptional Features Near Ft. Carson! Welcome to this beautifully appointed and thoughtfully designed four-level residence, offering the perfect blend of comfort, functionality, and style. With 5 generous bedrooms, 3 full bathrooms, and over 2,500 square feet of versatile living space, this home is an exceptional opportunity for those seeking space, convenience, and character—all within minutes of Ft. Carson. Upon entering, you’re greeted by gleaming LVP floors, an abundance of natural light, and a fluid open-concept layout that effortlessly connects the living, dining, and kitchen areas. The kitchen is equipped with new granite countertops, and newer stainless steel appliances ideal for everyday living or entertaining guests. Upstairs, you’ll find three well-appointed bedrooms, including a private primary suite featuring an elegant travertine fireplace, creating a cozy retreat. A second full bathroom completes the upper level. The lower levels expand the home's livability with a spacious family room centered around a gas fireplace, two additional bedrooms, another full bathroom, and a dedicated office space—perfect for remote work or study. Step outside to enjoy a fully fenced backyard, complete with a newer oversized deck, ideal for entertaining, outdoor dining, or relaxing under the Colorado sky. An oversized two-car garage provides ample storage, plus additional off-street parking suitable for a truck or trailer. Bonus features include an archery block, basketball hoop (no backboard), and solar panels covering approximately 90% of utility cost. A truly rare combination of space, upgrades, and location—this home is a must-see.
Source: PPMLS #5117404
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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.