PHASES 9 & 10 are currently all under contract
TO GET ADDED TO OUR WAIT LIST, PLEASE FILL OUT THIS FORM AND E-MAIL IT TO
email@example.com Form is also a link attached to this page - up top.
Please read this entire email as it contains important information about the affordable program, timeline, process etc.
Phases 9 and 10 are currently all under contract, however, we are adding folks to a waitlist should something opening up or for any developments in the future.
These phases are already in construction and deliveries/closings have already started.
Phase 9 will have a combination of two and three bedrooms units, where phase 10 will only have three bedroom floor plans. The three bedroom units will have two car attached garages and the two bedroom floor plan will have either a 2 car garage or a 1.5 car garage. Floor plans at the bottom of this email below via link.
As part of the affordable housing program, the income limits are as follows:
Family of 1 – Income must be above $35,000 and below $54,950
Family of 2 – Income must be above $40,000 and below $62,800
Family of 3 – Income must be above $45,000 and below $70,750
Family of 4 – Income must be above $50,000 and below $78,500
Family of 5 – Income must be above $54,000 and below $84,800
Family of 6 – Income must be above $58,000 and below $91,100
Income is based on household size (all those that will occupy the home - including children)
Buyers must meet the guidelines from reservation time until closing. Income guidelines are subject to change.
In order to qualify for the program, a buyer must have a front end or housing ratio of no more than 35%. A lender would be able to determine this ratio based on a buyer’s loan application. This front end ratio needs to include HOA fees, which for this development is set at $120/per month (subject to change) and taxes are estimated to be 1% of purchase price, as this units haven’t been assessed yet. The best way to stay on top of the guidelines and any changes, is by visiting the Affordable Housing website. Link below.
If a buyer meets these guidelines, the only other requirement is to qualify and be approved for a mortgage. Although it is not required to use the services of any particular lender, we do recommend using a lender that is familiar with the program and understands the ins and outs of it. Some of the lenders we have used in the past and recommend are:
UNIVERSAL LENDING | Sandy Levy | firstname.lastname@example.org | 303-759-7402
CALIBER HOME LOANS | Lori Graham | 303-249-2728 | Lori.email@example.com
US BANK | Barry Merryman | Barry.firstname.lastname@example.org | 303-775-1303
When a unit opens, the next buyer on our waitlist will be given the opportunity to reserve. In order to reserve and hold a unit, there is a $500 refundable deposit by check (make sure checks are made out to First American Title). Checks can be dropped off at our office at 600 Grant Street #900. For after hours and weekends, there is a small drop off to the left of the front door marked “COLDWELL BANKER”. An approval letter from a lender is also required. At time of contract a total of 1% of the purchase price is due as earnest money and the initial $500 will be applied towards that 1%. The city will only start the income verification process once a buyer is under contract. Contracts will start in correlation with ground breaking, (estimated for September 2019).
Phase 9 – SITE PLAN AND AVAILABILITY
Phase 10 – SITE PLAN AND AVAILABILITY
Please note that units marked “STATE” will carry a 30 year affordable covenant. Units marked “CITY” will carry a 15 year affordable covenant and the Central Park 15 year covenant. Units marked ADA will include certain wheel accessible features. Units marked “R” have been reserved.
Buyers will have the opportunity to upgrade certain finishes at time of contract. Pricing for upgrades still to come. At contract time 50% of the total upgrade cost is due, this payment is nonrefundable.
Those buyers not on our waitlist are welcome to get added. Click here for the reservation form