Poconos Real Estate Blog

Higher Down Payment Requirements For Vacation Home Mortgages

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Breaking Mortgage Financing News!

The minimum down-payment required for second homes or investment properties is now 20% of the purchase price. The reason for this is that PMI (Private Mortgage Insurance) is no longer available for 2nd / vacation homes, or for properties purchased for investment purposes. This information was given to me by Andy Williams of Abacus Regional Mortgage 610.837.1616, who has checked with 5 major PMI companies to find one that offers the insurance to lenders, to no avail.

This is breaking news...remember, you heard it first here on The Poconos Real Estate Blog! I have tried to locate some websites to link to about this, but have not found anything useful. As more information becomes available on this change, I will post it. And if you know anything about it, please share what you know in the comments!

What Is PMI?

Private Mortgage Insurance premiums, commonly referred to in the real estate business as PMI, are a mandatory part of mortgage payments for loans made with less than 20% down, and insures the lender against default. The idea behind it is that the less money that borrowers put in to a transaction via their down payment, the more likely they are to default on their mortgage payments. So PMI is there to alleviate the risk and allow these lower down payment loans to occur.

Since summer homes and investment properties are not 'owner occupied' or 'primary residences', the risk to a lender is even that much greater, as borrowers are more likely to default on a mortgage that is not their main home. Combine this with low personal investment on the lower down payment loans, and it makes for just too much risk for the PMI companies to take on.

Another bit of credit tightening as a result of the recent mortgage foreclosure problem....

The Experts Say: Vacation Home Bargains Are Found In The Poconos!

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The Poconos is a Top 5 Summer Home Bargain!

Don't take my word for it, check out the article on AOL Money & Finance and read why they think now is the time to buy your getaway place in the mountains.

A hat tip goes out to Meg Hamberg, a real estate agent in Horsham, PA, for sending me the article. Thanks, Meg!

For more information on buying a 2nd home / vacation home in the Pocono Mountains of Northeastern Pennsylvania, contact me via email info@lisasanderson.com, or call 570.421.8950 ext. 394.

Locust Lake Village Lot & Street Map

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(Read below for a street and lot map of LLV)

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Locust Lake Village is located in Pocono Lake, very near its sister community, Arrowhead Lake. The Village is an excellent choice for vacation home buyers and offers a laid-back, woodland setting. Home prices here range from $90,000 for a rustic cabin getaway to $500,000 for an elegant lake front home and everything in between. Dues are reasonable and the community is well maintained.

Here is a very handy lot and street map of the community which also shows the locations of the lakes, beaches, ski area, tennis courts and other community amenities. The map also shows lot numbers and allows you to see which lots adjoin the Brady's Lake State Forest.

Click here to see a street and lot map of Locust Lake Village

For more information on Locust Lake Village or other vacation home areas in and around Pocono Lake, PA, please contact me at 570.421.8950 ext. 394 or by email at info@lisasanderson.com. Also, feel free to use my Pocono Mountains Association of REALTORS MLS / IDX Search Tool to find the perfect vacation getaway.

Which Pocono Communities Offer Indoor Pools?

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There are myriad questions home buyers have when considering a real estate purchase. Buying a home to live in brings up different concerns than purchasing a property for vacation use, but questions that arise in either case most often revolve around quality of life issues and the Big 3 of real estate investment: Location Location Location.

The internet, while a great and wondrous resource, does not always have all of the answers to questions, especially when they concern hyper-local information that is not already 'catalogued' on the web. And those local real estate inquiries are the exact ones I try to anticipate here on The Poconos Real Estate Blog.

Lately I have fielded a couple of questions about communities that have indoor pools in and around the Pocono area, so I thought I would put together a list of developments that have indoor swimming facilities available for those house-hunters who want to focus their home search on these areas. Most amenity communities in the Pocono region have outdoor pools but only a handful offer swimming opportunities year-round. So for those who  like to stay fit by doing laps, or those who need to keep in shape for the swim team, or if you are simply a water-baby, one of these areas might be a good choice for you if you prefer to have an indoor pool close to your home, as opposed to joining the Y or some other private swim club.

Keep in mind that some of these communities offer the pools and other amenities and part of the regular homeowners' association 'deal', but that others may offer these amenities as extras and you may have to join 'the club' in order to use the facility. Either way, these are some of the communities in the Poconos that have indoor pool facilities available.

One last disclaimer: I don't claim to know everything about all of the communities in Monroe County and the surrounding Pocono vicinity, so this list, while awesome and pretty thorough, may be incomplete. If you know of a community that I should add to this list, I would appreciate you letting me know via email or by posting a comment to this post. Thanks :)

Eastern Poconos (209 Corridor)
Saw Creek Estates
Winona Lakes
Country Club of the Poconos

Mountain Region (Canadensis/Cresco/Mountainhome)
Skytop
The Hamlet

Northern Poconos (Pike/Wayne Counties)
Wild Acres
Big Bass Lake

The Pocono Plateau (Central Poconos)
Lake Naomi /Timber Trails
The Village at Camelback and other communities at the Mountain
Pocono Manor
Emerald Lakes

Western Poconos (The West End & Carbon County)
Birch Hollow Estates
Lake Harmony Area (includes several different communities of single homes & townhouses)

For information on townhouses, condominiums or single homes in amenity communities in the Poconos, please contact me via email info@lisasanderson.com, or by phone 570.421.8950 x 394. Or, if you prefer to help yourself for a while yet, search for Pocono real estate using my special Pocono Mountains MLS /IDX Portal - you can search by area, home features or price range!

Townhouses in Lake Harmony, PA

So, you want a vacation home but are concerned about maintenance? Who wants to head to the mountains for a ski weekend and have to worry about shoveling snow or other outside tasks. You want to relax. And ski, or hang at the lake, or whatever. 'Nuff said.

I'll break it down by area for you. This time I'll work on communities in Lake Harmony, which is the area near the lake of the same name and Jack Frost and Big Boulder ski areas. I will cover some other developments and options in future posts, like stuff near Camelback Mountain, Shawnee Ski Area and others. For now, though, let's look at the choices available in this area of Carbon County.

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One last note: there are lots of single family vacation homes available in this area of the Poconos too (i.e. Towamensing Trails, Lake Harmony Estates, Brier Crest Woods and many others). If you need information on those, contact me at info@lisasanderson.com and I'll set you up with a customized Listing Search Portal. For free :)

Townhouse and Condominium Complexes in the Lake Harmony area include:

Snow Ridge Village:
Prices start in the $120,000's for a 1 or 2 bedroom townhouse and go up from there. Dues/maintenance fees here are in the $2,500/year range. Amenities here include a pool, tennis courts and the new Jack Frost National Golf Course.

Laurel Woods:
You may be lucky enough to find a 3 bedroom home here around $170,000. Dues are around $3,000 per year. Enjoy the beach at Big Boulder lake as well as new pool facilities which are nearby (membership at Lake Mountain Club may be required).

Blue Heron Village:
A furnished two bedroom unit is listed right now for $185,000, but the prices go up from there. Dues are around $3,000 per year. Amenites are nearby and available by joining the Lake Mountain Club.

Ridgewood Country Estates:
Starting around $150,000 for 1300 -ish square feet. $3,600 yearly maintenance fees include water, sewer, trash removal, exterior maintenance. Join the Lake Mountain Club and use their beautiful community pool, tennis courts and other fine amenities.

Boulder Lake Village:
Brand new lakefront condominium development from the mid $350's. Recreation center 'to be built' after 48 units have settled within one year to include exterior pool, hot tub, exercise room, grill area. Dues $4,300 per year.

Mid Lakes:
Lakefront condominiums for around $250,000 to $350,000. Usually sold with furnishings. Maintenance fees around $3,000/year. Pool for use by condo owners. Lake club membership available.

**Please note that information about these communities is subject to change. As communities change and grow, dues structures and amenitiy offerings do too.**

For information on townhouses, condominiums or single homes in Lake Harmony or other vacation home areas in the Poconos, please contact me via email info@lisasanderson.com, or by phone 888.794.5589. Or, if you prefer to help yourself for a while yet, search the Pocono Mountains MLS for properties here.