Unit #4 is a two bedroom, two bathroom unit being offered at a price of $170,380 to an income eligible household with a minimum of two people. The unit is restricted to households earning up to 80% of Area Median Income. The Area Median Income limit for a household of two people is $53,900 and for a household of three people, it is $60,650. Please note that these income limits are gross income limits.
Requirements to Apply:
- Households making up to 80% Area Median Income.
- Must be a first time homebuyer household (cannot have owned a home, or an interest in a home, in the preceding 3 years)
- Must be a minimum household of two people
- Must have taken or be enrolled in a first time homebuyer training class (http://www.chapa.org/looking-for-housing/homebuyer-workshops). Certificates of Completion of a First Time Homebuyer Training Class must be within 3 years of the date of application to be eligible.
Timeline to Apply:
- A mandatory information will be held on Thursday, October 3, 2013 at 6pm at the Somerville Central Library at 79 Highland Ave. in the 1st floor meeting room.
- The application deadline is 4 pm on Thursday, October 24, 2013. Incomplete applications will not be considered.
- Completed application
- Current mortgage pre-approval from any lending institution for a 30 year fixed rate standard mortgage
- Completed first time homebuyer certificate or documentation of enrollment in a first time homebuyer training class
- Evidence that you live or work full-time in Somerville. This can be a copy of a lease, a utility bill or a current paystub.
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