57 Harvard Street
57 Harvard Street condominium in Winchester is available for purchase by a qualified first time home buyer for the below market price of $209,286. The three-bedroom, one-bath, second floor unit consists of approximately 1320 square feet. The unit has a shared basement/storage area and a shared driveway and one allocated parking space. The condo fee is $100 per month and includes master insurance and a small reserve.
1. Household Size
The unit size for which you qualify will correspond to household composition and number of persons. A “household” shall mean two or more persons who will live regularly in the unit as their principal residence and who are related by blood, marriage, law or who have otherwise evidenced a stable inter-dependent relationship, or an individual. The unit size for which you qualify will correspond to household composition and numbers of persons. The head of household and spouse/partner are assumed to share a bedroom; each other bedroom must be occupied by one or two members of the household. (That is, single persons and couples may qualify for a unit in very limited circumstances: ONLY if there are documented medical reasons why two bedrooms are required, in which case you must include a signed statement from your primary health care provider documenting the need for a second bedroom.)
2. First Time Home Buyer Definition
The affordable unit is available only to first time home buyers, defined as persons who have not owned a home within the last three years including in Trust. There are limited exceptions including displaced homemakers, single parents, households with at least one member aged 55 or over, where the previous residence was not permanently affixed to a permanent foundation, or where the previous residence was not in compliance with code.
3. Applicant Mortgage Details
a. Applicants must be pre-approved for a 30-year, fixed rate mortgage no more than two percentage points above the current MassHousing rate, with no more than 2 points. Buyers may not pay more than 38% of their income for housing costs. Non-household members are not allowed to co-sign the mortgage. The mortgage pre-approval must be submitted as part of your application.
b. Applicants must be able to obtain a mortgage and close on the unit promptly.
c. The household must have sufficient funds for a 3% down payment (at least half of the minimum 3% down payment must be from the buyer’s own funds) and closing costs, as determined by the participating lender, and show evidence of those funds in the financial disclosure of their application. According to LIP Guidelines,
4. Income and Asset Limits (amounts listed apply to total household members, earners and non-earners):
Income: 3 Person Household: Maximum $70,350
4 Person Household: Maximum $78,150
5 Person Household: Maximum $84,450
6 Person Household: Maximum $90,700
Assets are limited to $75,000 Applicants must self-disclose assets on the Winchester FTHB Application and provide any requested supporting documentation.
5. Participation Limitation
Individuals who have a financial interest in the development and their families are not eligible to participate in the lottery.
There are no Local Preference criteria for 57 Harvard Street.
D. Permanent Deed Restrictions
The most important goals of deed restrictions are to assure that the buyer uses the property as his/her principal residence as long as he/she owns the property and to assure that the property, when sold, continues to serve as affordable housing to future generations of eligible households. The unit may be resold only pursuant to certain conditions in the Deed Rider to be executed at the time of the purchase. Please visit www.winchester.us or http://www.mass.gov/hed/community/40b-plan/local-initiative-program-lip.html for a copy of the deed restriction. Refinancing and/or capital improvements must be approved by the Town and DHCD. When the owner of a LIP is ready to sell, the owner must give notice to the community and to DHCD. The deed rider contains strict timelines and it is imperative that, once notified of a LIP resale, the municipality acts swiftly to locate an income-eligible buyer.
This unit will be awarded to the first eligible buyer who meets income and asset requirements and whose household requires three 3 bedrooms.
II. Required Documentation
Submit completed applications to: Town Manager’s Office, Town Hall, 2nd Floor, 71 Mount Vernon Street, Winchester, MA 01890, ATTN: Winchester FTHB Program via Housing Lottery.
Applicants must submit the following for their application to be considered complete:
a. First Time Home Buyer Application, completed and signed
b. Last five (5) consecutive pay-stubs for all 18+ adult members contributing to household
c. If Self-Employed or Earning Commissions, OT, Bonuses: Last two (2) years (2015-2016) Federal Income Tax Returns with all attachments, schedules, & W-2 forms
d. Mortgage Pre-Approval Letter indicating the type of loan and amount,
e. Last three (3) consecutive Federal Income Tax Returns (2014-2016)
f. Last three (3) consecutive bank statements for all checking and savings accounts
g. Last three (3) consecutive statements for all asset accounts (401K, IRA, retirement accounts)
- (SI-DR) if applicable.
Partners must satisfy the following criteria:
- Are not related by blood
- Have been residing together in a common household for at least 6 consecutive months
- Are sole partners of one another
- Are financially interdependent
Local Banks participating in Winchester’s FTHB program: Please feel free to contact one of our local banks with assistance in obtaining a Mortgage Pre-Approval Certificate.
Winchester Cooperative Coleman Carden 781-729-3620
Winchester Savings Lou Gentile 781-729-2130
Northmark Bank Lori A. Callahan 978-686-9100
It is unlawful to discriminate against any person because of race, color, religion, familial status, age, sex, sexual orientation, disability, veteran’s or military status, national origin, ancestry, marital status, source of income or genetic information. Reasonable accommodations will be made for those who require them.