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
Application Information
Applications for the wait (backup) list in future neighborhoods are currently being accepted. Please email us at infokhht@gmail.com if you are interested in joining the list
for our next neighborhood.
Important Information
Please review the following documents carefully and in advance of completing your application.
Heritage Woods Application
KHHT Application - To complete this application, use this PDF fillable form OR print this document. If you would like to receive a printed copy, please email us at infokhht@gmail.com.
KHHT Land Lease (Complete)- One Story Home
KHHT Land Lease (Complete)- Two Story Home
KHHT Purchase & Sale Agreement- One Story Home (to be completed upon selection for a Heritage Woods Home)
KHHT Purchase & Sale Agreement- Two Story Home (to be completed upon selection for a Heritage Woods Home)
PLEASE NOTE: Applications will be received and reviewed on a first come, first serve basis.
Buyers of homes in Heritage Woods may benefit from funding made available through MaineHousing and through the Federal Home Loan Bank of Boston as described in the Financing section. Included here are:
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MaineHousing’s Declaration of Covenants and Restrictions (to be signed by all homebuyers);
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This MaineHousing document restricts both sale price and buyer’s income for sales within nine years, after which the grant is forgiven and no further MaineHousing restrictions apply.
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Federal Home Loan Bank of Boston’s (FHLBB) Note and Retention Mortgage Agreement for the Equity Builder Program (to be signed by purchasers of a one story home);
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The FHLBB documents restrict only the income of the buyer and only for a five year period
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Federal Home Loan Bank of Boston’s Note and Retention Mortgage Agreement for the Housing Our Workforce Program (to be signed by purchasers of a two story homes).
These documents contain restrictions on selling the purchased home for higher amounts or to higher income buyers than would be compatible with continuing affordability. In general, these restrictions are very similar to the restrictions on resale contained in the Land Lease and KHHT is confident that compliance with the terms of the Land Lease will enable compliance with these required documents.
For more information about the application materials and process please contact us at infokhht@gmail.com or click HERE to reach us through our contact form.