Willow Central

Public Information Meeting:

7:00 p.m., Monday, January 14, 2008

Acton Town Hall, Room 204

Application Deadline:

January 30, 2008

Lottery Date:

7:00 p.m., Tuesday, February 5, 2008

Acton Town Hall, Room 121

Affordable Price:

Two Bedroom - $150,000
Three Bedroom - $167,675

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.
• No third party mortgages allowed.

Location:

Willow and Central Street, West Acton

Town Website:

www.acton-ma.gov

Local Preference Criteria:

• 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

Maximum Allowable Income:

Total # of Units:

2

Unit Style:

duplex and bungalow

Two Bedroom Duplex:

Two bedrooms
1200 sq. ft.
1 1/2 bathrooms
2nd floor washer and dryer hookup
Basement

Three Bedroom Bungalow:

Three bedrooms
1426 sq. ft.
1 1/2 bathrooms
2nd Floor washer and dryer hookup
Basement