3492 Main St Ravenna, MI 49451
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About this home
The Tibbits House has been a Historical Landmark In Ravenna for over 100 years. Stunning architecture Including the original hand carved trim, valances and staircase. Two entrances are off the magnificent covered front porch with its stately columns. One door enters into the large living room with tall ceilings, the other enters the foyer that displays the beautiful staircase going upstairs. Once upstairs you will find a private living quarters complete with a kitchen and a full bath. Two additional bedrooms are also upstairs with all it's charm. Going back downstairs and off the foyer is the large master suite with a large room and a spectacular bay window with some of the finest woodworking you will ever see, making this a great sitting/office/workout space.The master suite also offers a spacious bedroom with a gas fireplace. The generous sized bathroom has a whirlpool tub and separate shower. Off the living room is an additional bedroom and a main floor laundry room. There is a huge formal dining room that goes to an enclosed porch that still houses the original columns if the future owner decides to restore it. Don't miss all the French doors. Also off the dining room is an additional full bath. The large kitchen offers a center island with a snack counter and a brand new epoxy floor! Lots of counter space and another kitchen nook with more counter space and cooking space. A walk-in pantry rounds out the kitchen. There is a new addition for adult care with 5 bedrooms. 3 private and 2 semi-private. A large dining and living area. A fully accessible bathroom with a double sink. Another half bath and laundry room. 2 ramped entrances and one goes to a nice patio. Could potentially generate $24,000 a month in income. There is a nice fenced in backyard. A two stall garage with a wood burning stove. A newer outbuilding that has electric and is well insulated, could be great for gardening or a work shop. A wrap around driveway for easy parking. Additional parking spots on the side. Also there is a great patio area f
Source: REALCOMP #65025036739
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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.
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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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