406 Metcalf St, New Bern, NC 28560
3 beds · 2 baths · sqft
Check out this charming 1880's Victorian beauty! Property not in the Flood Zone and seller doesn't carry Flood insurance. Offset mortgage and insurance with income from guest cottage that generates substantial revenue through the Airbnb platform ($18,290 in 2020, $25,521 in 2021, $24,098 in 2022 and $22,871 in 2023). This property is a short walk to downtown restaurants, shops, parks and local attractions. Well-maintained with many original features and move-in ready. Immediately walking into this house you notice all the intricate details from floor to ceiling. Her history has be preserved. Beautifully refinished hardwood floors, 9.5 foot ceiling, downstairs bath, 5 original and charming fireplaces and media room that is used as 1st floor master bedroom are just a few details that highlight this lovely home. Upstairs is 3 additional bedrooms and a studio with wonderful lighting for either an office or craft room. The 4 seasoned porch provides additional living space and is perfect for entertaining guests. In addition to the 200 sq ft cottage that includes kitchen area, full bath with shower and bedroom there's a screened porch area for guest to enjoy some piece and quiet, the private backyard has mature shade trees, Confederate Jasmine covered gazebo, hot tub hook-up, small decorative pond and storage/garden shed. Rare off street tandem parking for at least 2 vehicles . The large front porch is the perfect spot to wrap up your day. Contact us today for more information about his unique property.
Source: NORTHCAROLINAREGIONAL #100417305
Interest rate and monthly payment estimated based on public records.
Source: NORTHCAROLINAREGIONAL #100417305
Source: Public records
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Whether you have an agent or you’re just starting your search, reach out to us and we’ll help set up a home tour.
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
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.
What is Roam?
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.
What is an assumable mortgage?
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.
Why is an assumable mortgage valuable?
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.
How can you find assumable mortgage listings?
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 “Get Notified” 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.
How do I qualify for an assumable mortgage?
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.
MLS ID: #100417305
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