Sunset Ridge

General Information

Sunset Ridge is a new 28-unit town home project located at 342 Wattaquadock Hill Road in Bolton, MA. Seven affordable 2 bedroom town home units are available on a first come first serve basis for eligible first time homebuyers.

Applicant Criteria:

1. Household must be a first time homebuyer defined has not having owned residential property for three years. The following exceptions apply:

a. displaced homemakers, where the displaced homemaker (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), while a homemaker, owned a home with his or her partner or resided in a home owned by the partner;
b. single parent, 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 who the individual has custody or joint custody, or is pregnant);
c. households where at least one household member is 55 or over;
d. households that owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations; and
e. 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 construction a permanent structure.

2. Household annual gross income can not exceed the following maximum allowable income for your household size.

Household Size	1	2	3	4
Max Allowable Income	$45,100	$51,550	$58,000	$64,400

3. All applicants’ allowable assets shall not exceed $75,000. Liquid retirement assets are counted.

a. Individual retirement, 401K and Keogh accounts are included at 100% of the account value.
b. The value of Retirement and Pension Funds differ if you are employed or are no longer working. If still employed the value is determined using the amount you can withdraw less any penalties or transaction costs. At retirement, termination of employment or withdrawal periodic receipts from pension and retirement funds are counted as income. Lump sum receipts are counted as assets.

Complete Income and Asset Guidelines are listed on the left navigation bar.

# of Affordable Units	Seven 2 Bedroom Units
Price	$154,100
Mortgage Pre-Approval:	A mortgage pre-approval letter is required to participate in the lottery. 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: 1. The loan must have a fixed interest rate through the full term of the mortgage. 2. The loan must have a current fair market interest rate. (No more the 2 percentage points above the current MassHousing Rate.) 3. The buyer must provide a down payment of at least 3%, 1.5% of which must come from the buyer’s own funds. 4. The loan can have no more than 2 points. 5. The buyer may not pay more than 38% of their monthly income for housing costs.
Financial Documentation:	Complete financial documentation is required to participate in the lottery. The list of required financial documentation is located on the left navigation bar. If your documentation is incomplete you will not be included in the lottery.
Deed Rider YES. Deed restrictions are used to protect the affordability of the units for future buyers. The deed restrictions encumber the property in perpetuity, with certain exceptions. If you choose to sell your unit, there is a limit on the resale price. The maximum resale price is determined using a Resale Price Multiplier, a figure calculated by taking the initial sales price and dividing it by the area median income. For example, the initial 2 bedroom affordable unit price is $154,100 and the current area median income is $90,200, the Resale Price Multiplier would be $154,100/$90,200 = 1.70. Upon resale, the Resale Price Multiplier is multiplied by the updated area medianincome number to determine the maximum resale price. A resale fee up to 2.5% of the resale price may be added onto the resale price to be paid by the seller to the Monitoring Agent.