LATHROP — Federal funds were used to buy and rehabilitate a foreclosed Lathrop home, which now will be resold for $192,000.
In 2006, near the height of the real estate boom, the three-bedroom home sold for $370,000. But that owner defaulted on the mortgage, and lenders foreclosed on the property.
Using federal funds, a nonprofit agency bought the home from the bank in June for $125,000, then spent about $50,000 renovating it.
The agency, Service First of Northern California, fixed the home's roof, painted inside and out, installed new appliances, carpet, tile and light fixtures, and put in new landscaping.
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The home is one of eight San Joaquin County foreclosed homes being bought, rehabilitated and resold by the agency using federal funds.
The public can tour the house at 1 p.m. Wednesday at 920 Toro Lane. The 1,568-square-foot home, built in 1990, will be sold to a low- to median-income buyer, such as a family of four earning as much as $76,320 a year. The home must be occupied by the buyer. It will be sold to the first qualified buyer who applies, and applications already have been received.
This is Lathrop's first home refurbished with Neighborhood Stabilization Program funds. The city was allocated $645,663 for the program.
For more information about the house, call National Realty at 473-1609. For more information about other homes being refurbished by Service First of Northern California, call Sharon Simas at 209-644-6320.