Somerset Hills Condominiums is a 48 unit condominium conversion project located at 10 – 16 Wampus Avenue in Acton, MA. Three second floor affordable units are available – one 1 bedroom unit and two 2 bedroom units. All units are garden style condominiums.
Public Information Meeting:
7:00 p.m., Thursday, December 6, 2007
Acton Town Hall - Room 204
Application Deadline:
December 28, 2007
Lottery Date:
7:00 p.m., Wednesday, January 9, 2008
Acton Town Hall - Room 126
Affordable Price:
One bedroom - $115,000
Two bedroom - $130,000
Mortgage Pre-Approval:
A mortgage pre-approval letter is required to participate in this project. The pre-approval letter must be based on your credit score and current financial situation and MUST be from a bank and received with your application before the application deadline. A pre-approval letter from a mortgage company or an online letter will NOT be accepted. A list of banks will be available at the Public Information Meeting and upon request.
Mortgage Guidelines:
There are specific mortgage guidelines that must be met. They are:
The loan must have a fixed interest rate through the full term of the mortgage.
The loan must have a current fair market interest rate. (No more the 2 percentage points above the current MassHousing Rate.)
The buyer must provide a down payment of at least 3%, 1.5% of which must come from the buyer’s own funds.
The loan can have no more than 2 points.
The buyer may not pay more than 38% of their monthly income for housing costs.
Households must meet at least one of the following criteria to be eligible in the local pool. Proof of local residency will verified if you have the opportunity to purchase.
Current Acton resident
Employed by the Town of Acton, the Acton Public Schools, the Acton-Boxborough Regional School District or the Acton Water Department
Parent, son, daughter or sibling of current Acton Resident
Employee working in the Town of Acton
Proof of local residency will be verified if you have the opportunity to purchase.
Maximum Allowable Income:
Household Size
1
2
3
4
Max Allowable Income
$46,300
$52,950
$59,550
$66,150
Total # of Units:
48
Unit Style:
garden style condominiums
One Bedroom Unit:
One bedroom
702 sq. ft.
One bathroom
Washer and dryer
Two Bedroom Unit:
Two bedrooms
763 sq. ft.
One bathroom
Washer and dryer
