Berkley Meadows

A private developer, Berkley LD, LLC. and officials of the Town of Berkley have collaborated to provide this affordable housing opportunity in Berkley, MA. The development is in accordance with the Executive Office of Housing and Livable Communities’ (EOHLC) Local Initiative Program (LIP). This development consists of 12 (twelve) Lots consisting of 22 Duplex Condominiums and 1 (one) Single-Family Home SFH) lot with one SFH. There will be 7 Affordable Units and will be a colonial style that is 3-Bedrooms, 1.5 Bath and is approximately 1440 sq ft. The units will have town water and a shared septic system. All of the appliances and heating equipment will have high efficient ratings. The affordable homes will be sold at the initial sales price of $268, 300. When completed these units will be designated as affordable and sold to first time homebuyers whose incomes are at or below 80% of the area median income. It is estimated that the total monthly cost of your mortgage payment including Principal, Interest, Real Estate Taxes, Private Mortgage Insurance (PMI), Hazard Insurance and Condo fees of $50 will be approximately *$2,198. This estimate is determined using a *7.01% interest rate. This assumes a 30-year fixed rate mortgage at current Freddie Mac rate of *6.76% plus .25% basis points with a 5% down payment. You cannot rely on this estimated amount, this is only an estimate. Your actual mortgage payment may be different based on the actual interest rate and other factors. This monthly mortgage payment is pre-tax and does not include the tax advantage of home ownership. To determine your monthly payment and net expense post tax effect, you should consult with your accountant or tax advisor. Your down payment can be 3% of which half can be a gift. All affordable homes will have a “Deed Restriction” that will be recorded with the deed at the time of purchase. This deed restriction in part, limits the amount the home can be resold for or refinanced for and requires that it be resold to another affordable buyer.