Torron Group Blog

Wednesday, July 29, 2015

FEE SIMPLE LOTS


 
 
Good news!!! Springfield Commons is no longer a condominium development. As of July 27, 2015, Springfield Commons is now a Fee Simple community. This means that you own the lot on which your home is built. The title to the land is yours!

This is great news. You can now apply for a conventional mortgage, FHA loan or participate in a HECM Mortgage which is a Reverse Mortgage.  You must be at least 62 years old to qualify for a Reverse Mortgage. Furthermore, because your lot is Fee Simple, you may get a lower interest rate on your loan and your homeowners insurance may be lower.  
 
We just sold our model home at 80 Emma Court in Boalsburg, but we'll be starting a new model soon.  Call Cindy at 814-231-2800 #2 or the Realtor of your choice if you are interested in a new home in Springfield Commons.

No comments :

Post a Comment