The one-story homes will be sold - net of the assistance listed above - for a sale price of $220,000.
A minimum downpayment of 1% will be utilized to pay the upfront cost of mortgage insurance. And closing costs are likely to exceed the MaineHousing assistance by about $1,000. Thus, homebuyers will have to demonstrate to the lender that they have at least $3,100 in available cash for closing. Additional downpayments can be utilized to reduce the mortgage below $220,000 if desired and available.
The one-story homes will be sold - net of the assistance listed above - for a sale price of $220,000.
A minimum downpayment of 1% will be utilized to pay the upfront cost of mortgage insurance. And closing costs are likely to exceed the MaineHousing assistance by about $1,000. Thus, homebuyers will have to demonstrate to the lender that they have at least $3,100 in available cash for closing. Additional downpayments can be utilized to reduce the mortgage below $220,000 if desired and available.
The one-story homes will be sold - net of the assistance listed above - for a sale price of $220,000.
A minimum downpayment of 1% will be utilized to pay the upfront cost of mortgage insurance. And closing costs are likely to exceed the MaineHousing assistance by about $1,000. Thus, homebuyers will have to demonstrate to the lender that they have at least $3,100 in available cash for closing. Additional downpayments can be utilized to reduce the mortgage below $220,000 if desired and available.
Important Information
Important Information
Frequently Asked Questions
Q. Why is this necessary? Can’t people just live in adjacent communities?
Our towns rely on the culture of community and volunteerism, and encourages people to become invested and engaged. Our Homes will help to ensure that individuals young and old can remain in their hometown, live close to where they work, and afford to purchase their first home here. NHT Homes will enable a steady flow of younger residents who will put down roots in our towns, enroll students in the schools, join volunteer organizations, share diverse skills and knowledge, support community groups, and grow our local economies.
Q. How will you keep NHT Homes affordable?
NHT Homes will be built on land that is owned by the Housing Trust. Land leases, covenants, and a commitment in perpetuity will keep the homes financially accessible for low-middle income families and individuals for years to come.
Q. What are you doing about senior housing?
We recognize the desire for seniors to be able to downsize and remain in our community. We are examining opportunities to meet that need including single story, two-bedroom homes at our new neighborhood, Landon Woods.
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Q. What will NHT Homes look like?
The Trust is diligently working with designs that complement the look and feel of houses seen throughout our towns. The housing and architecture will be a reflection of the neighborhoods in which the homes are located. NHT Homes will fit into each neighborhood, aligning with classic New England architecture.
Q. What will be the qualifications of potential buyers?
Applicants will be qualified based on income. They must qualify and obtain a mortgage to assume financial responsibility for the home.
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Q. Where will NHT Homes be built?
NHT Homes will be built throughout the community. They will be designed to fit the neighborhood where they are located. Our goal is to build high quality, energy efficient homes that homeowners can be proud of and comfortable in for years to come.
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Q. Will the project be a burden to tax payers?
The Trust is developing underutilized land that was not on the tax roles. The new homes will add value to the community and the homeowners will pay their appropriate share of taxes.
Q. Will the operation be self-supporting?
The Neighborhood Housing Trust is currently run by a volunteer Board of Directors and one full time staff member. The costs of development and construction are being covered by donations, grants, foundations, and homeowners.
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Q. What income levels will you serve?
Income levels will be dependent on each project and household size. The first neighborhood- Heritage Woods- served households earning between 80-120% of the area median income. Annually, the Trust will ensure NHT projects reflect the community needs based on working household incomes.