Paint Brush Hills Walkout Ranch With Mountain Views, No HOA, and an Assumable VA Loan Open to Non-Veteran Buyers
If you have been searching east Colorado Springs for a ranch-style home with a finished walkout basement, room to spread out, and no HOA, this Paint Brush Hills home in Peyton checks a lot of boxes at once. It also comes with something most homes on the market today do not offer: an existing VA loan that a qualified buyer can take over, including buyers who are not veterans.
The Treasure Davis Team put this guide together to walk through the home itself and to explain, in plain terms, how a VA loan assumption works and why it can be worth a close look in today's rate environment.
Quick Facts
Ranch-style home built in 2018 in Paint Brush Hills, Peyton, CO 80831
5 bedrooms, 3 full bathrooms, over 3,000 finished square feet
Full finished walkout basement with a second family room
Backs to open space with mountain views
No HOA and no metro district
Lift-ready 3-car garage with high ceilings
Fenced yard, shed, and hot tub (all included)
Falcon School District 49
Assumable VA loan, open to qualified veteran and non-veteran buyers
Offered under $540K
Tour the Home at 9773 Witherbee Drive
The full listing, photos, and virtual tour are on the Treasure Davis Team listing page. Here is a closer look at what you will find inside.
Main-Level Living With Open Space Behind You
The main floor is an open plan with hardwood floors running through the living areas. Because the home backs to open space, the views out the back stay open instead of looking into a neighbor's windows, and the mountains are part of the picture.
Kitchen Built for Everyday Cooking and Hosting
The kitchen has granite counters, a central island with seating, and a gas range. There is also an electric outlet behind the range, so a future owner who prefers electric cooking has that option without rewiring. The kitchen opens to the dining area and the great room, which keeps everyone in the same space.
Deck Access for Outdoor Living
From the great room, you step out to a wood deck that overlooks the yard and open space. It is a natural spot for morning coffee, grilling, or watching the sun drop behind the mountains in the evening.
Primary Suite on the Main Level
The primary bedroom sits in its own wing of the main floor. The bathroom has an oversized double shower, and the walk-in closet has custom built-ins already installed.
Two More Bedrooms and a Laundry Room With Garage Access
Two additional bedrooms and a full bathroom round out the main level. The laundry room connects directly to the garage and can double as a pantry, which makes unloading groceries much easier. With a bedroom count like this on one floor, true single-level living is possible.
Finished Walkout Basement
The lower level is where this home really opens up. The walkout basement includes:
A second family room with a projector screen and built-in shelving
Two spacious bedrooms
A full bathroom
Direct access to a large concrete patio
This setup works well for guests, a home office, a hobby room, a home gym, or a separate media space.
Storage Room With Upgrades Already in Place
The basement storage room is large, and it is set up with:
A 220V outlet for an instant hot water recirculation system
Hookups for a second laundry station
That second laundry hookup is a practical upgrade if you want laundry on both levels.
Lift-Ready 3-Car Garage
The attached 3-car garage has high ceilings and is ready for a car lift. If you work on vehicles, store a lifted truck, or simply need more room for equipment and storage, this garage gives you options most homes in this price range do not.
Fenced Yard, Shed, and Hot Tub
Outside, the yard is fenced, and both the shed and the hot tub stay with the home. Central air and ceiling fans keep things comfortable inside during Colorado summers.
Why Paint Brush Hills?
Paint Brush Hills sits in the Peyton and Falcon area on the northeast side of Colorado Springs. Buyers are often drawn here for the more open feel compared to denser parts of the city, while still being close to shopping, dining, and services along the Woodmen Road and Meridian Road corridors.
No HOA and No Metro District
This home has no HOA and no metro district. That means no monthly HOA dues and no metro district tax line added to your property taxes, which is a real factor when comparing total monthly housing costs across neighborhoods in east Colorado Springs. If you are tired of seeing newer homes with high HOA or metro district costs, this is worth noting.
Falcon School District 49
The home is located within Falcon School District 49. Buyers should confirm school assignments directly with the district, since boundaries can change.
Commuting to Major Colorado Springs Employers
Paint Brush Hills is within commuting distance of several of the area's largest employers, including Schriever Space Force Base, Peterson Space Force Base, and Fort Carson, along with the medical, retail, and business centers along Powers Boulevard and Woodmen Road. Drive times vary by route and traffic, so we always recommend testing your commute before you buy.
What Is an Assumable VA Loan?
Many buyers scroll right past the word "assumable" because they are not sure what it means or assume it does not apply to them. Here is how it works.
The Basics
A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs. To take out a new VA loan, you generally need to be an eligible service member, veteran, or surviving spouse.
A loan assumption is different. Instead of getting a brand-new mortgage, the buyer takes over the seller's existing loan, including its remaining balance, its interest rate, and its remaining term. Veterans United explains that a VA loan assumption lets a homebuyer step into an existing VA loan with its current rate and balance.
You Do Not Have to Be a Veteran to Assume a VA Loan
This is the biggest misconception we hear. A non-veteran buyer can assume a VA loan, as long as they meet the loan servicer's credit and income requirements and the servicer approves the assumption. The sellers of this home are open to a qualified non-veteran buyer assuming their loan.
Veteran buyers can assume the loan too. If you are a veteran, talk with the servicer and your own lender about how the assumption would interact with your VA benefits.
Why an Assumable Loan Can Be So Valuable
1. You may keep the seller's original interest rate.
When you assume a loan, you take over the rate the seller locked in when they bought. Many VA loans originated in recent years carry rates well below what buyers are being quoted on new mortgages today. You can track current national averages in Freddie Mac's weekly mortgage rate survey. A lower rate on the assumed portion of the purchase can mean a meaningfully lower monthly payment and far less interest paid over the life of the loan compared to new financing at today's rates.
2. Lower upfront loan costs.
Closing costs on an assumption are often lower than on a new purchase loan. The VA charges a funding fee on assumptions of 0.5% of the loan balance, which is lower than the funding fee on most new VA purchase loans. Some veterans with service-connected disabilities are exempt. You can review the details on the VA funding fee and closing costs page.
3. You are already part of the way through the loan.
Because the loan began years ago, you step in partway through the repayment schedule. That means more of each payment may go toward principal than it would on a brand-new 30-year loan.
4. It can change what fits your budget.
For some buyers, the payment difference between an assumed rate and a new rate can be the difference between a home that pencils out and one that does not. It is worth running the numbers with a lender before ruling a home out based on price alone.
What Buyers Should Know Before Assuming a Loan
An assumption is a great opportunity, but it works a little differently from a standard purchase, and we want buyers to go in informed.
Covering the difference between price and loan balance. The assumed loan only covers what the seller still owes. The buyer is responsible for the difference between the purchase price and the remaining loan balance. Buyers typically cover this with cash, and some explore other financing options. Talk with a lender early about what makes sense for your situation.
Servicer approval is required. The loan servicer reviews the buyer's credit, income, and ability to repay, similar to a standard mortgage approval. The assumption is not final until the servicer approves it.
Timelines can run longer. Assumptions often take longer to close than a typical purchase because the servicer handles the approval. Planning for a longer timeline up front keeps the process smoother.
Get professional guidance. Every buyer's situation is different. A lender can confirm your eligibility and costs, and the Treasure Davis Team can walk you through how the assumption fits into your offer.
Who Might Benefit Most From This Assumable VA Loan?
Buyers who have been priced out by today's interest rates
Buyers who have saved a solid amount of cash and want to put it to work against a lower-rate loan
Move-up buyers selling a home with equity they can apply toward the difference
Relocating buyers who want a lower long-term payment
Veteran and non-veteran buyers alike who meet the servicer's requirements
Who Represents You Matters in an Assumption
Assumptions involve more coordination than a standard sale: servicer packages, approval timelines, and structuring how the buyer covers the difference. The Treasure Davis Team has helped buyers and sellers across Colorado Springs, Peyton, Falcon, and the surrounding area through more than 3,500 home sales over 20 years, and we are glad to answer questions about how this process works.
If you are a buyer's agent with a client who might be a fit for this home, the Treasure Davis Team is happy to share more details on the assumable loan and the property.
Schedule a Private Showing
If a no HOA walkout ranch with mountain views, a lift-ready 3-car garage, and an assumable VA loan sounds like the home you have been searching for, now is the time to see it in person.
Contact the Treasure Davis Team to schedule your private showing of 9773 Witherbee Drive, or call (719) 249-2020.
Loan assumption is subject to approval by the loan servicer and buyer qualification. Interest rate, loan terms, fees, and timelines are determined by the servicer and are not guaranteed by the Treasure Davis Team or eXp Realty. This content is for general information only and is not a commitment to lend, financial advice, or legal advice. Buyers should consult a licensed lender regarding their eligibility and costs. Information deemed reliable but not guaranteed. Equal Housing Opportunity.
