New Property in Ardmore to be ready Early 2019
The Affordable Home Purchase Program will be selling a single family semi-detached home with 3 bedrooms and 1 bathroom that is located in Ardmore, Lower Merion Township.
Applications are now being accepted for the Affordable Home Purchase Program. The Ardmore property is currently being rehabbed and is expected to be available in early 2019. The program works with Lower Merion Township to provide an affordable property for a qualified first-time homebuyers with reduced monthly payments by providing a second mortgage at zero interest with no monthly payments.
The amount of assistance will be determined by the buyers’ actual household income in order to provide an affordable monthly payment of 31% of their gross income. The second mortgage will reduce the expected payment to $1,100 – $1,500 per month depending on the income of the eligible household. Special preference will be given to people who currently live or work in Lower Merion and to active Lower Merion volunteer firefighters.