Blog :: 04-2019

33 McGregor Point - One of a kind Lakefront property

33 McGregor Point- Listing for Sale

 

Listed by Kathy O'Brien of Four Seasons Sotheby's Int'l Realty

Need an inspirational world to live in? This 10 acre private setting on Lake Champlain is the answer. Sun drenched rolling lawn to 500 feet of direct easy access lakefront is a rare commodity on the lake. The beach is terrific for swimming, kayaking and docks for boating. The southeast exposure is stunning with views that go on forever. The west sun in the evening on this land is serene and beautiful. Be sure to watch the video online!.McGregor Point is a private enclave on a broad section of Lake Champlain only 45 minutes to Burlington Vermont. The owners have taken pride in enhancing the property with quality architectural details. The great room has a wall of glass to the view and an open floor plan to the kitchen. Warm wood trim finishes add to the mix of handsome stone/granite fireplaces, tiles & wood flooring throughout the home. The first floor master suite is complete with a custom built loft/office and spa bathroom. Porch with hot tub opens to expansive mahogany deck facing the views. Two additional bedrooms are upstairs with private balcony, bath and open hallway with overlook to lake views! A full walk out lower level with full floor to ceiling windows facing the lake has a family room with fireplace, bar, bath and two rooms. The newer built attached 3 car garage has a perfect space above to finish as a guest area or in-law suite. The radiant floor heat and central air conditioning was designed per smart energy audit. Vermont lake living at it's best!

 

 

    Comments

    1. No comments. Be the first to comment.

    One Loan for Purchase and Renovation

     

    One Loan for Purchase & Renovations

    The FNMA HomeStyle conventional mortgage allows a buyer to purchase a home that needs renovations and include them in the financing.  This facilitates the purchase of the home and the renovations in one loan rather than getting a separate second mortgage or home equity line of credit.

    The combination of these loans should save closing costs as well as interest rates which would typically be higher on a home improvement loan.

    The borrower will need to have an itemized, written bid from a contractor covering the scope of the improvements.  Any type of renovation or repair is eligible if it is a permanent part of the property.  Improvements must be completed within 12 months from the date the mortgage loan is delivered.

    • 15 and 30-year fixed rate and eligible adjustable rate loans are available.
    • Typical FNMA down payments are available starting as low as 3% for a one-unit principal residence to 25% for three and four-unit principal residence and one-unit investment properties.
    • Borrower must choose his or her own contractor to perform the renovation.
    • Lender must review the contractor hired by the borrower to determine if they are adequately qualified and experienced for the work being performed. The Contractor Profile Report (Form 1202) can be used to assist the lender in making this determination.
    • Borrowers must have a construction contract with their contractor. Fannie Mae has a model Construction Contract (Form 3734) that may be used to document the construction contract between the borrower and the contractor.
    • Plans and specifications must be prepared by a registered, licensed, or certified general contractor, renovation consultant, or architect. The plans and specifications should fully describe all work to be done and provide an indication of when various jobs or stages of completion will be scheduled (including both the start and job completion dates)

    Up to 50% of the renovation funds may be advanced for the cost of materials after the closing of the loan.

    This mortgage does have a provision for the borrower to do a portion of the work themselves if it doesn't exceed 10% of the total project and it must pass inspection on completion just as the contractor's work.

    It is recommended that borrowers thoroughly research this program before they commit to a loan.  For detailed information, see FNMA HomeStyle Renovation Mortgage and Selling Guide Announcement SEL-2017-02.   It is important to work with a mortgage officer who is familiar with these loans who can guide you through the process.

    Contact me, Kathy O'Brien, to talk about renovation and purchase loans.

      Comments

      1. No comments. Be the first to comment.

      266 South Union Street Burlington Vermont

       

       

      Listed by Kathy O'Brien and Patrick O'Connell of Four Seasons Sotheby's Int'l Realty

      Much admired 1896 Historic Burlington Hill Section Brick & Marble Style Victorian home located on one of Burlington's most desirable streets. The house has served this family well since the floor plan is smart & can flex as families grow or shrink! Friends and family gather in the warm, bustling new kitchen, lounging on sofas or propping up the central island, with a glass of wine while the chef does their magic. With 10 ft ceilings, nicely scaled rooms & period architectural detail, the first floor offers elegant formal spaces as well as a cozy living room with fireplace. A breathtaking entry with cherry & oak grand staircase leads to the stunning landing with floor to ceiling 19th century Tiffany windows. The Master suite boasts a copper soaking tub, gas fireplace, curved turret bedroom & custom walk in dressing room/closet (this room was once a bedroom). A generous bedroom, tiled bath with claw foot soaking tub & stall shower, laundry room & back staircase complete the second floor. The third floor with a large family room, two bedrooms with lake views, bath & small kitchen was perfect for the owners two teenage boys. It's great for guests. This home has been lovingly restored and meticulously maintained by the current owners. "It's a beautiful home, but more importantly, it's alive, living and breathing with us, meeting our needs before we even know we have them". Ideally located within walking distance to downtown Burlington and Lake Champlain.

        Comments

        1. No comments. Be the first to comment.