Sunset Ridge

Public Information Meeting:

7:00 p.m., Monday, May 17, 2010
Bolton Town Hall, 663 Main Street

Application Deadline:

June 17, 2010

Lottery Date:

7:00 p.m., Monday, June 21, 2010
Bolton Town Hall, 663 Main Street

Affordable Price:

$154,100

Condo Fee:

$125

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:

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. TWO COPIES of each document is required. If your documentation is incomplete you will not be included in the lottery.

Location:

342 Wattaquadock Hill Road

Town Website:

www.townofbolton.com

Local Preference Guidelines:

1. Current Bolton Resident
2. Currently employed by the Town of Bolton or the Nashoba Regional School District
3. Employees of Local Businesses
4. Households with children attending Bolton schools, i.e. Metco Studentsin the At-Large Pool.

Proof of local residency will verified if you have the opportunity to purchase.

Maximum Allowable Annual Gross Income:

Total # of Units:

28

# of Affordable Units:

7

Local

5

At Large

2

Unit Style:

Townhomes

Two Bedroom Units:

Two bedroom
+/- 1735 sq. ft living space
11/2 bathrooms
Fireplace
One car garage