Affordable Condo Available at Repton Place in Watertown

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1 Affordable Condo Available at Repton Place in Watertown Unit Information Price - $164,000 Monthly condo fee: $157 One-bedroom, one-bathroom Approximately 750 sq. ft. This unit is deed-restricted and subject to occupancy and resale restrictions Application Instructions The opportunity to purchase the condominium will be determined through a lottery. Applicants who submit a complete application and are eligible for the program will be included in the lottery. The application deadline is October 30, 2015 at 5:00 p.m. Applications received after the deadline will be added to the wait list in the order that they are received. Program Requirements Households must meet the following Income Limits to be eligible to purchase the home. Household Size 1-Person 2-Person 3-Person 4-Person Income Limit $48,800 $55,800 $62,750 $69,700 The value of all household financial assets (cash, savings and checking accounts, stocks and bonds, cash value of retirement accounts, cash value of whole life insurance, etc.) cannot exceed $75,000. This opportunity is only available to first-time homebuyers and households that have not owned a home in the previous three years. The following exceptions apply: Displaced homemakers An adult who has not worked full-time, full-year in the labor force for a number of years but has, during such years, worked primarily without remuneration to care for the home and family; the displaced homemaker is unmarried or legally separated from the spouse and does not own the home previously owned with the spouse; Single parents, where the individual owned a home with his or her partner or resided in a home owned by the partner and is a single parent (is unmarried or legally separated from a spouse and either has 1 or more children of whom the individual has custody or joint custody, or is pregnant); Households where at least one member is 55 or over; Households that owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations; Households that owned a property that was not in compliance with State, local, or model building codes and that cannot be brought into compliance for less than the cost of constructing a permanent structure, Repton Place Application Fall 2015

2 You must submit a completed application with all the required supporting documents in order for your application to be reviewed for eligibility. This includes: 1. A complete application with the all the required information for you and each member of your household. 2. Supporting documents for all household members, including: a. Six (6) most recent pay stubs for all members of the household who are age 18 or older and employed; current documentation of income for all self-employed persons who are age 18 and older b. Current documentation of all other income sources for persons who are age 18 or older, which includes: social security income, pension income, disability income, child support and alimony payments, money from friends and family, etc. Any household member who is age 18 and older who does not have a source of income must complete the No Income Verification form included in Page 4 of the application. c. The three (3) most recent statement for every savings account and checking account for all persons who are age 18 or older; the most recent statement for all retirement accounts (401k, pension) and other asset accounts (CDs, stocks, bonds and other investments) for all household members who are age 18 or older; statements for checking accounts and savings accounts must include all deposits and withdrawals. d. Copies of the three most recent federal tax returns (2014, 2013, and 2012) for all household members who are age 18 or older 3. Once your application is submitted, it will be reviewed for completeness and eligibility. If you have questions or need assistance filling out this form please contact Robyn to schedule an appointment. She can be reached at ext. 5. She can provide a translator if necessary. TYY Callers Dial 711 Creemos que la solicitude s muy extensa y complicada. Nos gustaria ayudarle a rellenarla. Por favor, póngase en contact con Robyn para fijar fecha de ayudarle a hacerlo. Puede llamarla al teléfono x 5. Return complete application to: Metro West CD RE: REPTON PLACE 79-B Chapel Street Newton, MA Fax to: Repton Place Application Fall 2015

3 Household Information Applicant s Name Co-Applicant s Name Street Address City/Town State Zip Code Telephone: Home Work Cell Address Non-English Speaking Applicant (optional) Yes No Language Preference (optional) Total Number of People in Household (including yourself) Please list all household members in the table below Name Relationship to head of household (spouse, child, aunt, etc.) Date of birth SSN# Student Yes or No Self Will all household members listed in your application be moving with you? Yes No If No, please explain: Do you anticipate any additions to the household in the next 12 months? Yes No please explain: If Yes, Are any members of the household full-time students? Yes No If yes, how many? Optional*: Do you or any member of your household classify yourself as any of the following? (This may include more than one group). Responses are voluntary and will help us track the diversity of the applicant pool. Asian/Native Hawaiian/Pacific Islander Black/African-/Caribbean-American Latino/a Native American White/Caucasian Another Race or Ethnicity (please specify): Repton Place Application Fall

4 Has any member of the household owned a home or had a joint in home/real estate in the past three years? Yes No If yes, please explain: Have you completed a first-time homebuyer education course certified by the Massachusetts Homeownership Collaborative? Yes No If No, when will you complete the course? (Must complete before purchase) If Yes, please provide a copy of your certificate with your application. Does any member of your household require a reasonable accommodation or modification based on a disability? If yes, please explain (responding to this question is optional): Mortgage Pre-Approval Information You must include a copy of your mortgage pre-approval letter with your application. The loan must meet the following criteria: Loan must be a fixed-interest rate that is equal to the current fair market interest rate (no more than 2 percentage points above the average from the current Freddie Mac Mortgage Market Survey); loan must have no more than two points; FHA- and VA-backed loans are not eligible for the program due to the type of deed restriction on the property; please notify your lender that this deed restriction will remain in place in the event of a foreclosure Name of Bank or Financial Institution issuing letter: Name of Your Loan Officer: Pre-Approval Amount: Downpayment Amount: Income Information List all income from employment for all members of the household age 18 or older, including students Household member name Employer name or Self for self employed persons Gross annual income List salary or the hourly rate and the number of hours worked each week YOU MUST INCLUDE THE SIX MOST RECENT PAY STUBS FOR ALL EMPLOYMENT INCOME AND YEAR-TO-DATE EARNINGS FOR SELF-EMPLOYMENT INCOME Repton Place Application Fall

5 List all other income sources in the table below; if an income source does not apply, write N/A Income includes: social security income, pension income, disability income, unemployment income, child support income, and other recurring income from any and all sources. All household members age 18 and over who have no source of income must complete the No Income Verification form on Page 5. Household member name Source of income Gross monthly amount Social Security Social Security SSI Benefits Pension Source: Pension Pension Disability Benefits Child Support Alimony Unemployment Benefits TANF Interest Income Interest Income Monthly Amount: Pension Source: Monthly Amount: Periodic payments from family/friends YOU MUST INCLUDE CURRENT DOCUMENTATION FOR ALL OTHER INCOME SOURCES Asset Information List all household financial assets, including: cash, savings and checking accounts, stocks and bonds, retirement accounts (pension, 401K, etc.) and any other forms of capital investment. Do not include the value of personal property such as furniture and automobiles. Name of account holder Name of financial institution Account type Last 4 digits of account # Account balance Are there any restrictions and/or penalties for withdrawal? Checking Checking Checking Savings Savings Cash Value of Whole Life Insurance 401(k)/403(b) Continue on the next page Repton Place Application Fall

6 Name of account holder Name of financial institution Assets (continued) Last 4 digits of Account type account # Account balance Are there any restrictions and/or penalties for withdrawal? 401(k)/403(b) Roth IRA Roth IRA Savings Bonds Savings Bonds Money Market Investment Property YOU MUST PROVIDE THE THREE (3) MOST RECENT STATEMENT FOR ALL SAVINGS AND CHECKING ACCOUNTS, WHICH MUST INCLUDE A RECORD OF ALL DEPOSITS AND WITHDRAWALS; FOR ALL OTHER ASSETS YOU MUST PROVIDE THE MOST RECENT STATEMENT, WHICH MUST INCLUDE THE TOTAL VALUE OF THE ASSET AND ANY INCOME EARNED IN THE YEAR TO DATE Will any portion of your downpayment be derived from GIFT money? Yes No If yes, please list the amount If yes, you must provide a signed letter from the person providing the gift that states that the money is a gift and will not be repaid. Describe amount and source of any additional downpayment funds not listed: YOU MUST PROVIDE THE THREE (3) MOST RECENT STATEMENT FOR ALL SAVINGS AND CHECKING ACCOUNTS, WHICH MUST INCLUDE A RECORD OF ALL DEPOSITS AND WITHDRAWALS; FOR ALL OTHER ASSETS YOU MUST PROVIDE THE MOST RECENT STATEMENT, WHICH MUST INCLUDE THE TOTAL VALUE OF THE ASSET AND ANY INCOME EARNED IN THE YEAR TO DATE Repton Place Application Fall

7 Notarized No Income Verification Form To be completed by household members who are age 18 or older and who have no source of income I,, do hereby certify that I do not have any sources of income. I rely on my family to provide my basic life necessities. I rely on my family to provide my basic life necessities. I certify that this statement is true to the best of my knowledge and belief. I understand that false statements or information are punishable under federal law. Applicant Signature Date County of Commonwealth of Massachusetts On this day of, 20, before me, the undersigned notary public, personally appeared proved to me through satisfactory evidence of identification, which was to be the person whose name is signed on the preceding instrument, and acknowledged the foregoing statement to be accurate his/her free act. Name: My Commission Expires: Repton Place Application Fall

8 Income Eligibility Certification Buyer 1. I hereby certify that the information provided in this application is correct to the best of my/our knowledge. 2. I understand that if any of the information provided is not true or is inaccurate, this application may be removed at any point in the process. 3. I understand that this is an application for affordable housing and is not a GUARANTEE of housing or housing assistance. 4. I understand that any material change in the income or assets of my household that occurs after the submission of this application may make me ineligible for this affordable housing or housing assistance. 5. I understand that mortgage co-signers are not permitted unless they will reside in the unit. 6. I understand that this property will be subject to a deed restriction that limits the equity that can accrue to the property. 7. The undersigned give consent to Metro West CD to verify the information provided in the application. 8. I certify that my household meets the DHCD definition of First-Time Home Buyer and that I do not own a home, including in a Trust. 9. I certify that my household does not have assets in excess of $75, I certify that my household falls under the maximum allowed income limits for my household size: Household size Maximum income 1-person household: $48,800 2-person household: $55,800 3-person household: $62,750 4-person household: $69,700 5-person household: $75,300 6-person household: $80,900 Under penalties of perjury, I certify that the information provided herein is true and accurate to the best of my knowledge. The undersigned further understands that providing false representation herein constitutes fraud. False, misleading or incomplete information may result in the termination of the application or agreement. I also consent to the release of information from my banks, employers and other financial institutions to Metro West CD for the review of this application. Applicant s Printed Name Applicant s Signature Date Co-Applicant s Printed Name Co-Applicant s Signature Date Co-Applicant s Printed Name Co-Applicant s Signature Date Co-Applicant s Printed Name Repton Place Application Fall

9 APPLICATION CHECKLIST The documents detailed below are required for all applicants. Applications submitted without this accompanying documentation will not be considered: A pre-approval letter from a bank or mortgage company - The letter must state that the lender is offering a 30-year fixed mortgage, with no more than two points, at an interest rate no more than 2 percentage points above the current Freddie Mac 30-year Average Fixed Rate. Letters without these terms will not be accepted. Letters from internet-only lenders will not be accepted. Initial Income documentation, for all household members over 18: - 6 most recent paystubs (weekly, bi-weekly or monthly still need 6!) - Documentation of other sources of income: child support, alimony, social security, etc. Initial Bank / Asset Information, for each household member over 18: - THREE most recent statements for all bank accounts (checking, savings, cds, etc.) - Most recent statement for all retirement accounts or other investments (401k, IRA, etc.). Initial Three years of most recent (2014, 2013,2012) tax returns, for all household members over 18 (if file separately). Initial I have reviewed the LIP Disclosure Statement and sample deed restriction available on the Metro West CD website and understand its requirements. Initial To review the LIP Disclosure Form and Sample Deed Restriction, please visit: Signed Income Eligibility Certification Form Mail: Applications must be received by October 30, 2015 at 5:00 p.m. for the lottery. Metro West CD RE: REPTON PLACE 79-B Chapel St., Newton, MA Fax: IMPORTANT: it is the applicant s sole responsibility to make sure that applications are received. s, faxes or mail which are not received, whether due to technical or human error on the part of the applicant, Metro West CD, or the U.S. Postal Service, will not be given consideration. Metro West CD will use the automated time / date stamp on faxes & s for time of submission. Repton Place Application Fall