209 Parkerville Road

Public Information Meeting:

7:00 p.m., Thursday, June 17, 2010
Southborough Town House, 17 Common Street

Hearing Room

Application Deadline:

July 9, 2010

Lottery Date:

7:00 p.m., Wednesday, July 21, 2010

Southborough Town House

Hearing Room

Maximum Price:

$189,000

Mortgage Guidelines:

All applicants must include a mortgage pre-approval letter, from an institutional lender familiar with affordable deed restrictions, and complete financial documentation with the application. 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 30-year 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 the purchase price 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. If your documentation is incomplete you will not be included in the lottery.

Location:

209 Parkerville Road, Southborough

Town Website:

www.southboroughtown.com

Local Preference Guidelines:

1. Current Southborough Resident
2. Currently employed by the Town of Southborough
3. Currently employed by the Southborough Public School Dept., Algonquin Regional High School or Assabet Valley Regional Vocational School
4. Employees of local Southborough businesses
5. Households with children attending Southborough Schools, i.e. Metco Students

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

Maximum Allowable Income:

Total # of Units:

1

Unit Style:

Single Family Home

Three bedrooms
+/- 1224 sq. ft.
2 bathrooms