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
Homeownership Opportunity at 1 Briggs Way
Kennebunkport Heritage Housing Trust, KHHT, is working with the current owners of 1 Briggs Way to find an income-qualified buyer for their two-story, three-bedroom, 2.5 bath home in Kennebunkport. This home is part of our first neighborhood, Heritage Woods, and was sold as a new home in early 2022. As part of our commitment to permanent affordability, this home will be sold to a household earning no more than 120% of the area median income, AMI, and will be sold for $326,094. The new owners will need to sign a land lease at closing that will ensure the continuing affordability of the home through a maximum sales price formula and income restrictions. This home must be used as a year-round primary residence and the new homeowner will need to live in the home for 12 months of each year unless approved by the KHHT Board. This property cannot be used as a rental property nor can it be used as a short term rental property.
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We will choose the new owner through a lottery process on Thursday, June 27. Details of this process and a FAQ about the process can be found linked below.
STEP 1:
The first thing prospective buyers should do is to submit the following to prove income eligibility:
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The KHHT homeownership application
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2023 federal tax returns for all members of the household earning income
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The two most recent pay stubs for all household members earning income
We will inform you if you are or are not income eligible based on the materials you provide.
STEP 2:
No later than Monday, June 24, at 12:00 pm (noon) prospective homebuyers must submit proof of:
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Completion of a homeownership course through YCCAC, Avesta, or another hoMEworks class provider
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Pre-approval for a mortgage to purchase this home. We encourage prospective homebuyers to explore the mortgage options through MaineHousing to secure the lowest interest rates available
Applications and proof of income should be sent as soon as possible to determine income eligibility. No one who is not income eligible will be entered into the lottery. No late applications will be accepted, no exceptions. Materials can be mailed to:
KHHT
PO Box 333
Kennebunkport, ME, 04046
You may also drop materials off in the KHHT mailbox at the Kennebunkport Town Hall. The KHHT mailbox is located in the Town Manager/Finance office.
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Application and Process Materials
KHHT Homeownership Application
FAQ for the 1 Briggs Way Application and Lottery Process
MaineHousing First Time Homeowner Mortgage Information
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2024 AMI Limits
Eligible households will have total household income that is no more than the amounts listed below by household size. For example, a household of three (3) people cannot have a combined annual income of greater than $105,750 and be income-qualified for this home.
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The Property
1 Briggs Way is a modularly built 1,688 sq ft 3 bedroom, 2.5 bathroom, two story house, that comes with all the amenities that you would expect in a well-built maintenance friendly home. Enjoy the shared front porch with your new neighbors in the adjacent home. This home has an architect inspired free flowing layout representative of modern floor layouts seen on the market today. This design has been thoughtfully combined with proven modular construction techniques that incorporate energy efficient materials such as dense pack cellulose insulation, Harvey Slimline Energy Star rated windows and a high efficiency propane boiler. Exterior finishes are accomplished with maintenance friendly CertainTeed siding, with matching trim and porch that evoke a modern farmhouse feel. The interior boasts Merillat Classic cabinetry, quality carpet offerings from Shaw and durable Armstrong flooring in the kitchen and bathroom areas.
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This home will be sold at $326,094.
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1 Briggs Way Details:
1,688 square feet of living space
3 Beds, 2.5 baths
Wooded lot with a shared private driveway. Plenty of room to play!
Shared septic with separate tanks for each unit.
KKWD supplied town water
2 car paved driveway with shared access
Well insulated poured concrete crawl space
Welcoming front entry porch
Granite Entry Steps
CertainTeed Mainstreet Double 4” Vinyl Siding
95% efficient Propane-fired Condensing Boiler
Energy efficient dense pack cellulose insulation
Harvey Slimline Energy Star Rated Windows
© 2021 Heritage Housing Trust
EIN # 83-2830911