Carolyn's Blog

Single Family Mortgage Revenue Bond Program (SFMRB)

Commonly referred to as the First-Time Home Buyers Program, this statewide program offers loans in all 3 Delaware counties and provides first mortgage financing at below-market interest rates to low- and moderate-income Delaware homebuyers who have not owned a homein the past three years. At 4.9%, this could be just what buyers are looking for.

Borrower Qualifications
To qualify, a borrower's current gross family income cannot exceed:

     Loan Terms

1. Low rate loans are available with a 1.5% discount/origination fee. The current rate is 4.55%. (30 Year)
2. The current interest rate for Zero Point Loans is 4.90% (30 Year).
3. Assisted Loans provide down payment assistance in the form of a grant equal to 2% of the mortgage amount. These loans are currently available at 5.70% (30 Year).

 For information of qualifying for one of these loans, speak to a loan officer at an institution offering the program, such as John Skrobot of Gilpin Mortgage, Patterson-Schwartz' mortgage company. His email address is  jskrobot@gilpin.com or you can call him at 302-234-6087direct.

In a previous posting, we learned how J. S. Cornell & Son of Cherry St. in Philadelphia were restoring a Palladian window in the c. 1800 George Read II House in New Castle, Delaware. They were installing J-channel weatherstripping on the sides of the window. For residential installations, they do not use this type of weatherstripping on the bottom of windows, but a spring-type weatherstripping so there is no danger of bending it with frequent use.

Next we see Mr. Shainline attaching a piece of cotton sash cord to the window weight. (see Historic Window Guide--The Anatomy of a Double Hung Window for definition of terms in previous posting). Cotton is used to ensure the sash pocket lets the weight move freely, and care is made not to nail through the cord when assembling the window. An interesting point is that the weight of the 2 sash weights should together equal the weight of the window. Then we see the cord knotted and ready for the weight.

 Here , carpenters install the window in the jamb. Note their little invention, a notched wooden stand to hold the window off the floor.  This window is at the front of the house, which is on the far right of the building in this picture of the house with its scaffolding and protective netting in place for this Save America's Treasures project in Old New Castle, Delaware.

Imagine living in a historic stone house in the same place that millers have lived in since the days of William Penn. Set on 4 acres in West Grove, Pennsylvania The Ruston/McDowell House and Mill are ready for a buyer who will respect all the original elements carefully preserved through the years since the original section was built c.1740.        The 6 fireplaces of this 5 bedroom house include the original walk-in cooking fireplace and 5 others which are lined and working. The original section was 1 room up and down (1740). The second  stone section was built circa 1790 and a stucco over brick section is from 1800-10.

North side of house  

South side of house

 A sycamore tree in the back of this historic stone house is on the National Tree Registry. In the yard are raspberries, strawberries, cherry trees. On 4 acres of land on the banks of the Big Elk Creek, the property borders community common land in the countryside near West Grove, Pennsylvania. 

The present kitchen in original back parlor has double doors to the 1810 front parlor. There are built-in cupboards & corner FPs in the 1790 section. The house has old pine floors & plaster walls, while the exterior of the 1740 and 1790 sections is stone.

The mill,(below) used until 1928, still contains chutes for flour, fireplace, and is post & beam construction. The walk-in fireplace is in the original section of this historic stone house outside of West Grove, Pennsylvania.

This property is located at 3020 Newark Road, West Grove, Pennsylvania. Its website is www.psre.com/1440

The asking price is $390,000.