Attention investors and contractors, this property presents an opportunity to purchase in the much sought after area of Elka Park in the stunning Northern Catskills. Location is key with the home nestled a mere five minutes from multiple trailheads and ten minutes to Hunter Mountain Ski Resort and all the mountaintop area has to offer. This circa 1900 home affords 1, 780 sq ft of space with the first floor featuring the living room, kitchen, bath and a large open family room to the rear. The second level presents a unique three-bedroom layout and a bath each having what is believed to be beautiful original pine flooring. The home is in need of restoration with substantial work needed to the back, but once the work is completed, it will be a magnificent property in a sublime location. Cash or 203k loans only. Water and utilities are off and will not be turned on for inspection purposes. Being sold as is. All buyers and agents must sign a Hold Harmless waiver prior to showing approval and viewings.
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NMLS Mortgage Loan Originator ID 81725
5/6 (30 Yr) Adjustable Rate Conforming* |
30 Year Fixed-Rate Conforming |
15 Year Fixed-Rate Conforming |
|
---|---|---|---|
Loan Amount | $151,920 | $151,920 | $151,920 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 7.250% | 6.625% | 5.750% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.775% | 6.790% | 6.034% |
Monthly Tax Payment | N/A | N/A | N/A |
H/O Insurance Payment | $75 | $75 | $75 |
Initial Principal & Interest Pmt | $1,036 | $973 | $1,262 |
Total Monthly Payment | $1,111 | $1,048 | $1,337 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.