Sandy Pines

Applications will be subject to income verification and approval from a monitoring agent. 

The next step is seeing the unit and signing a Purchase and Sales agreement. At this point you will go into contract on the property and pay your down payment, arrange for inspections, and finalize your loan approval for closing. 

A closing date will be scheduled. Move in after closing.

• Q: How will applicants for the affordable homes be selected?

   A: Applications are being accepted on a first-come, first-serve basis. Only complete applications will be considered.

• When will the affordable home be available for occupancy? 

  A. Immediately. 

FINANCING: 

• Do I need to attend homebuyer education classes? 

     A: All financing programs offered by “MassHousing” www.MassHousing.com and “MassHousing Partnership” www.MHP.net require the borrower to complete a pre-purchase homebuyer education course. We strongly suggest that all applicants who have not previously owned a home complete a pre purchasing homebuyer course prior to entering the lottery. A schedule of upcoming first-time homebuyer workshops is posted on CHAPA’s website at www.chapa.org under “Looking for Housing?” 

• Do we need to get a pre-approval from a lender? 

      A: Yes. Applicants are required to submit a pre-approval letter (not a pre-qualifying letter) with the application. A pre-approval letter is where the lender will review the buyer’s credit, housing and total debt ratios, work history and other criteria. 

• How or where do I apply for a mortgage? 

     A: We strongly recommend that applicants apply for financing through banks that are familiar with the deed restrictions, and guidelines for affordable housing programs. There are many lenders and mortgage brokers that are familiar with the qualifying process to purchase the affordable homes. We are willing to share these references upon request by email or phone request. In addition, there are other lenders and mortgage brokers who may participate in this process. Your lender must be a conventional lender. 3 3 There are many programs available for first Time Home Buyers including those offered by MassHousing. We suggest you or your lender refer to the MassHousing website. www.MassHousing.com There are programs being offered by the MassHousing Partnership (MHP) such as the “MHP Soft Second Program” which is offered to buyers typically at a rate of 1% less than a lenders typical best rate to a conventional buyer. We suggest that you contact a lender who is on the list of lenders participating in the program as shown on the MHP website www.MHP.net 

•  Are there any requirements on the type of loan I receive?

      A. Yes. The program requirements are: • Down payment must be 3% of which half can be a gift. (*) • Mortgage amount cannot exceed 97% of the purchase price. (*) • Mortgage loan must be 30-fixed rate. • The loan has a current fair market interest rate of no more than 2 percentage points above the current Mass Housing rate. (www.MassHousing.com) • The Buyer may pay no more than 2 points. Households should demonstrate availability of sufficient funds for a down payment, closing costs and pre-paids. Applicants should inquire with their lender as to what closing costs will be. Closing costs can include but may not be limited to fees for Loan Origination, Appraisal, Credit Reports, Inspection, Document Preparation, Attorney and Title Insurance. Pre-Paids can include interest that accrues from the date of settlement to the first monthly payment. Pre-Paids can also include insurances such as Hazard, Flood, and Mortgage Insurance. Non-Household members cannot be co-signers on the mortgage.