Framingham Neighborhood
Stabilization Program
204 Arthur Street
Highlights
The Town of Framingham is selling one 4 bedroom single family home that has been acquired and rehabilitated as part of its Neighborhood Stabilization Program (NSP). The NSP is a federal housing program designed by the U.S. Department of Housing and Urban Development (HUD). This home is located at 204 Arthur Street in Framingham. This home will be sold to a household at 120% of median.
The Town of Framingham will provide a $25,000 buy down subsidy for the unit.
Public Information Meeting: |
7:00 Wednesday, January 11, 2012
Framingham Town Hall
Blumer Community Room - lower level
150 Concord Street, Framingham
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Application Deadline: |
February, 8, 2012
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Lottery Date: |
7:00 Tuesday, February 14, 2012
Framingham Town Hall
Conference Room 1 - lower level
150 Concord Street, Framingham
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| Price: |
$305,000 w/ buydown subsidy $280,000
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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.
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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.
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Restrictions: |
In order to meet the NSP program's goal of stabilizing neighborhoods affected by the foreclosure crisis, the Town will provide a buy down subsidy in the amount of $25,000. The Town intends to recapture all or a portion of the buy down subsidy if the property is sold within 10 years of initial purchase. A Deed Rider will be attached to the property.
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Location: |
204 Arthur Street , Framingham, MA
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Town Website: |
www.framinghamma.gov
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Eligibility
** Please note: Housing Authority Board members, those involved in directly administering the NSP program, employees of the Community and Economic Development Division, and the following FHA employees: Executive Director, Deputy Director of Operation, Rehab Project Manager, FSS Section 8 and Low Income Family Homeownership and Services Coordinator are excluded from participating in this housing lottery. Others exclusions may apply and will be determined on a case by case basis.
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Maximum Allowable Income: at 120 % of median income: |
Household Size |
Max Allowable Income |
1 |
$80,900 |
2 |
$92,450 |
3 |
$104,000 |
4 |
$115,550 |
5 |
$124,800 |
6 |
$134,050 |
7 |
$143,300 |
8 |
$152,550 |
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Total # of Units: |
1 |
Unit Style: |
Single Family Home |
Unit Information |
Four bedroom
1788 sq. ft.
2 new full baths
New kitchen, including appliances
New Heating, plumbing and electrical
DeLeaded
New Carpet in Living Room, Stairs, Upstairs Hall and
TV Room
Refinished Hardwood in Dining Room and Bedrooms
New Driveway
New windows, vinyl siding, storm doors
Large Fenced in Back Yard
Town Water and Sewer
2nd Floor Porch
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