Affordable Housing Trust Committe
Posted on: July 20, 2020
Affordable Home Ownership Lottery – 4 John Crowder Road
The Application and Lottery Process
Link to Information Sheet
Link to Full Application
This is a short-term housing lottery process Will end on 08/05/2020 12 PM.
By the town’s request this opportunity is offered to households needing 3 bedrooms. For example, a couple with a child will not qualify. A single parent with 2 children will qualify; a single parent with elderly parent and a child will qualify.
In order to participate in the lottery your first step is to understand the character of the program and your responsibilities as an owner of an affordable home, review the application and information to determine if you qualify (maximum annual income for all family members, maximum assets, first time home buyer status, available down payment and being pre-approved for a loan that is a fixed rate product.
Fill out the application and send with all the documents listed below. These documents must reach to Omega Ventures 55 Loring Street, Westwood, MA 02090 with a postmark NO LATER than 08/04/2020. NO online submissions will be accepted!
Since this is a short-term lottery, we will ONLY consider submissions with the completely filled-out and signed application, pre-approval letter, and all supporting documents as listed in the checklist. Incomplete applications will not be considered.
It is important that you explain all deposits not itemized in your bank statements (where is says “deposit” etc.). If the deposit is payroll, transfers between your accounts these do not have to be itemized. If deposits are not itemized, your application will not be considered!
NOTE: FHA, VA, and most mortgages DO NOT ACCEPT THE DEED RESTRICTIONS! It is your responsibility to verify.
Your completed application will be reviewed and if you qualify you will be considered for the lottery.
There will be ONLY one open house hosted by the owner on 08/01/2020. 12PM – 4 PM. You are invited to visit property. See details below
You must show proof of having at least 3% as a down payment and closing costs in your bank account
The lottery will be scheduled by the Town of Medfield and applicants will have a higher priority determined by their household size (for example a house hold of 4 will have priority on a house hold of 3 and so on).
After an offer is accepted, the purchase process will include inspection, purchase and sale agreement (P&S). You will be requested for 2 deposits held by seller’s attorney in escrow as binder to your offer and P&S.
You will need to take a first-time home buyer class offered by a certified (by CHAPA) agency (www.chapa.org) before the closing.
OPEN HOUSE INSTRUCTIONS 8/1/2020
This protocol will be strictly enforced! No Exceptions will be made.
- You must register to the open house a head of time and show up 5 minutes before your scheduled appointment! Make sure you register ASAP. No registration after 7/29/20
- No walk in or late showing will be allowed
- Each visit is scheduled for 15 minutes SHARP
- Only one family will be allowed to see the home at the scheduled time.
- Each of visitors MUST have mask and gloves.
- You must pre-register onlinehttps://doodle.com/poll/pgvtqh2aekknuytm