Lancaster County PA Realty Check: Special Financing for East Hempfield Luxury Home, Lancaster PA

Special Financing for East Hempfield Luxury Home, Lancaster PA

I have previously posted information on this great Lancaster PA luxury home for sale in the desirable community of Veranda in East Hempfield Township.

With an acceptable offer, this home is now available to qualified buyers with a lower than normal down payment (95% Loan to Value).

Veranda, East Hempfield, Lancaster PA

Special Financing Offer to Qualified Buyers: 

Purchase price of $549,900.

$417,000 Conventional Loan at 5.375%*

 $2,335.08 Principal and Interest

$77,910 Second Mortgage through Union National Bank at 6.0%

 $467.11 Principal and Interest

$27,495 Interest Only Owner Financing (terms to be negotiated)

 $91.65 per month

  Total Monthly Principal and Interest - $2893.84

 (Compared to a normal Jumbo Loan of $522,405

  Total monthly principal and interest -  $3563.72)

 Total Savings** - 669.88 per month8038 per year241,156.8 over the course of the loan

*Interest rates subject to change.

**Plus $1000 off your closing and/or title costs if you finance through Ray Smith of Home National Mortgage.

Because the first mortgage is for 80% loan to value, it also avoids the cost of mortgage insurance.

 On a premium lot, this stately Georgian style brick home with its gables, overlooking a pond and farmland, has every upgrade imaginable.  Period characteristics such as wainscoting, chair rail and crown molding throughout blend with the most modern of conveniences.  Among its' many fine features are a sunken grand family room with a lovely fireplace and tray ceiling, master bedroom suite with gas fireplace, and a gourmet kitchen that includes a sunny English garden room.   With a three car garage, 3-1/2 baths and over 4,000 SF, this lovely home is now offered at the reduced price of $549,900.

Brian Schulman offers expert real estate representation for buying and selling homes in Lancaster County, PA.  To learn more, visit http://www.FindLancasterHomes.com/

 

 

 

Brian Schulman offers expert real estate representation for buyers and sellers of homes in Lancaster County, PA.  To learn more, visit http://www.FindLancasterHomes.com/

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Comment balloon 6 commentsBrian Schulman • August 05 2009 06:24PM

Comments

That is VERY COOL breaking down the payment!

People buy payments moreso than price.

You made it 'make sense' for a buyer. GREAT job!

Posted by Candice A. Donofrio, 928-201-4BHC (4242) call/text (Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker) over 9 years ago

Thanks, Candice.  Buyers need to know how the monthly costs break down - but this home is also a fantastic amount of house for the price.

Posted by Brian Schulman, Lancaster County PA RealEstate Expert 717-951-5552 (Coldwell Banker Residential Brokerage, Lancaster PA) over 9 years ago

Thanks for breaking this down Brian.  In this environment you have to be creative to survive.  You did an excellent job of presenting the blueprints for this idea.

Posted by Ray Smith over 9 years ago

If anyone has questions about the details of this proposed financing structure, they may contact Ray Smith of Home National Mortgage via the link in the blog.

Posted by Brian Schulman, Lancaster County PA RealEstate Expert 717-951-5552 (Coldwell Banker Residential Brokerage, Lancaster PA) over 9 years ago

Interesting looking home there! It is gorgeous, yet not facing the street? Setting sideways? Is the whole development laid out like that?

Posted by Erica Ramus, MRE, Schuylkill County PA Real Estate (Erica Ramus - Ramus Realty Group - Pottsville, PA ) over 9 years ago

Hi Erica - the street you see is a side street.  A walking trail goes past the front, and on the other side of the trail, the house faces a pond.  The main street is on the other side of the pond, so the house is actually facing front.

Posted by Brian Schulman, Lancaster County PA RealEstate Expert 717-951-5552 (Coldwell Banker Residential Brokerage, Lancaster PA) over 9 years ago

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