Financing Heritage Woods
Financing and assistance for Heritage Woods is being organized and managed by the Housing Trust in an effort to provide the best home for the lowest price. We have worked diligently to secure additional support in the form of donations from grants, foundations, and community fundraising.
As a result, homeowners of the Heritage Woods project will be responsible on average for approximately 76% of the cost of their home- either $220,000 (one story) or $297,500 (two story)- financed by a mortgage with the Maine Housing First Home Loan Program and through Bangor Savings Bank.
To achieve a reduced sale price to the homeowner, the Heritage Housing Trust has sought out multiple sources of grant and foundation resources totaling over $400,000.
The Single Story Home
The one story homes will be sold - net of the assistance listed above - for a sale price of $220,000.
A minimum down payment of $2,200 will be utilized to pay the upfront cost of mortgage insurance.
Additional down payments can be utilized to reduce the mortgage below $220,000 if desired and available.
We are committed to providing quality, affordable housing to our homeowners. Your gifts and contributions make this possible for families and individuals in our community.
We strive to keep our nominal overhead costs as low as possible- with nearly 94 cents of every $1.00 going directly towards reducing the cost of the home.
The Two Story Home
The two story homes will be sold - net of the assistance listed above- for sale price of $297,500. These purchases will require a down payment of $10,000, required to qualify for the FHLBB assistance.
Additional down payments can be utilized to reduce the mortgage below $297,500.