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
Become an NHT Donor
We are a community of people. People who volunteer. People who say "hi" on the sidewalk. People who work in the local government, local schools, and local businesses. We welcome and value the homeowners who call Kennebunk, Kennebunkport, and Arundel their seasonal home, but we need to create homes for year-round residents if we are going to continue to have the towns and community we all love. Year-round residents are needed as workforce, elected officials, and as children in our schools. Please help us keep a vital, year-round community by supporting our goal of 25 affordable homes by 2025.
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With the Heritage Woods project complete, we are ready to shift our vision and begin work on our next neighborhood. Again, funding will be necessary for land acquisition, design, planning, and construction to meet our 25 home goal by 2025. As a neighbor and friend- please consider a generous tax-deductible gift to help us meet our next $600,000 project fundraising goal. Your financial support will help ensure that individuals and families will have access to homes that align with what they can afford, and our town will remain healthy, vibrant and strong.
To undertake and complete a project on the scale of Heritage Woods, we need to raise $600,000.
From our experience in building Heritage Woods, we have learned that:
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NHT must provide a significant subsidy to make houses affordable for our targeted households leveraged from public support, institution grants and governmental sources.
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While mortgage financing from each buyer roughly covers the cost of the actual buildings, the cost of land, planning, regulatory approval, and infrastructure construction all need to be offset by NHT.
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To maintain affordability, land will need to come either from a donation or be purchased with support from a major grant, or from a combination of both.
HERE'S HOW WE'LL ALLOCATE THE $600,000 RAISED FOR OUR NEXT PROJECT:
