Lower Merion First-Time Home Buyers: Affordable Main Line Family Homes

Spring Ave Ardmore for approx $1350 monthly

There is a Main Line for the rest of Us.
We're talking modest but comfortable 2-3 Bedroom single-family homes in Lower Merion in the $250,000 price range. For buyers with  good credit, steady employment history, and as little as about  $10,000 down, homes such as these can be purchased with an all-inclusive monthly payment of about $1850 via an FHA loan. This all-inclusive monthly payment is Only about $1350-$1450 for buyers who have approximately $50,000 available for a 20% down payment and conventional loan with the best rate.

The point here is not to tease or tempt anyone to stretch or challenge what is affordable and sensible. But it has come to our attention that many folks prematurely assume that fine Main Line homes and Lower Merion Schools are only for "Richie and Roberta Rich."

Lets look at the following examples of some quality single family Lower Merion homes currently on the market...

328 E. Spring in Ardmore (top right) is a delightful two-bed, 1000sf Cape Cod, with a large gorgeous backyard, off-street parking, and opportunity for expansion. Offered by Ogontz Global Realty at $249,500, this home could be purchased at list price with about $20,000 to cover down payment and closing costs. A sharp buyer's agent - like R5Realty.com's Ted and Heather - could very likely negotiate with the Seller to pay closing costs and reduce your funds needed to purchase down to only about $8500, with a total monthly payment of about $1850.



Duffy's Penn Wynne Carroll Listing: $9000 Down?

 Buyers with ability to afford about $50,000 at closing could reduce that monthly payment to only about $1350... These numbers also apply to Duffy Real Estate's $250,000 listing of 1026 Carroll Avenue in Penn Wynne. The Carroll house needs some work but with 3 beds, 2+ baths and nearly 2,000 sq ft., this is a well-priced Lower Merion home for an expanding family.

My favorite currely listed home in the Lower Merion&Main Line's under $300,000 club is Assist2sell's listing at 1243 Bryn Tyddyn in Gladwyne. This fascinating 1700sf bungalow is now offered at $275,000. Conventional buyers with an approx $55,000 down payment can own this retreat with all-inclusive monthly payments of about $1450. If you go the FHA-loan route, which requires less down but more per month, the numbers are $10,000 down and $2000 per month. To get this deal, your Buyer's Agent would need to negotiate for the seller to contribute about $15,000 toward closing costs, which is not an improbable proposition.

Assist2 Sell's  Gladwyne Cottage at $275,000

Again, the motive here is not to lure and to tempt folks to look beyond their means, or even to tout these specific listings. But if you have good credit and employment history, as well as about $8,000-10,0000 in down payment money, you too can join Mr. & Mrs. Richie Rich on the Main Line for less than $1500 monthly payment all-inclusive. For more current options in this price range, or to further discuss values, options or Buyers' assistance for these listings and others we welcome your call or email.