Wild Rose Estates

Public Information Meeting:

7:00 p.m., Monday - July 26, 2010

Memorial Hall Library

2 North Main Street, Andover

Application Deadline:

August 20, 2010

Lottery Date:

7:00 p.m., Wednesday - August 25, 2010

Memorial Hall Library

2 North Main Street, Andover

Affordable Price:

$175,000

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 lender experience  with firt time homebuyers and deed restricted properties. Online letters will not be accepted.

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.

All required financial documentation must be submitted with the application.  Refer to the Left Navigation bar for the list of required financial documentation.  If you do not submit the documentation prior to the application deadline  your application will not be included in the lottery.

Location:

Wild Rose Drive and Lowell Street

Town Website:

www.andoverma.gov

Directions:

From 93 take Exit 43A (Rte 133E) towards Andover. Turn slight right onto MA-133/Lowell Street; turn right onto Wild Rose Drive.

Local Preference Criteria:

This unit is available to a household who meets at least

one of the Local Preference criteria. Proof of local residency will verified if you have the opportunity to purchase. If the unit is unable to be filled with a local household the unit will be open to applicants who are not in the local pool based on household size and lottery ranking.

 Current Resident of the Town of Andover

 Employees of the Town of Andover

All applicants who apply for the lottery are included in the At-Large Pool.

Maximum Allowable Income:

Total # of Units:

4

# of Affordable Units:

1

Unit Features:

+/- 1550 sq. ft living space
3 Bedrooms
2 1/2 bathrooms
Detached one car garage