I recently toured a foreclosure that just hit the market. It’s a great price at $170,000 and is located in the borough of West Chester with a good sized yard and a one car garage in the alley. Like most foreclosures, it needs a lot of work but it is a great location just a few blocks to all of the shops and restaurants in the boro.
This is a great deal for homebuyers who are willing to do some work to fix up a house and it has a great lending program attached to it. It is a government foreclosure from Fannie Mae & for owner occupants they offer 3% down loans and they waive the mortgage insurance associated with most low money down loans. On a $170,000 loan that will save you a lot of money up front and on your monthly costs. The other advantage to Fannie Mae foreclosures is they offer a Homepath renovation mortgage on some properties and this is one of them. As long as you qualify, you are able to borrow and finance the amount needed to fix up the property all in one loan. The renovation mortgage is offered to not only owner occupants but investors as well. You can check out other Fannie Mae properties and get more information about their loans at www.homepath.com.
Call me if you are interested in seeing this property. Check out more pictures below.