Craftsman Village at Needham Heights

Public Information Meeting:

7:00 p.m. Tuesday, June 15, 2010
Needham Public Library
1139 Highland Avenue

Application Deadline:

July 9, 2010

Lottery Date:

7:00 p.m. Tuesday, July 20, 2010
Needham Public Library
1139 Highland Avenue

Affordable Price:

$196,500

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 30% 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:

21 High Street

Town Website:

www.needhamma.gov

Local Preference Guidelines:

1. Current Needham Resident
2. Employee who works full time for the Town of Needham
3. Families who have a student enrolled in the Needham School System
4. Armed Services Veterans and National Service Veterans (such as Peace Corp. or Americorps/VISTA)

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

Maximum Allowable Income:

Total # of Units:

6

# of Affordable Units:

2

Unit Style:

Condominiums

Two Bedroom Units:

Three bedroom
+/- 1500 sq. ft.
1 1/2 bathrooms
Two car detached garage