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
MOVING OUR VISION FORWARD
SIX HOMES DOWN, NINETEEN TO GO.
When the Trust was established in 2018, we set to work to understand the problems and implications of limited affordable housing in Kennebunkport. We looked at the historical trends, crunched the numbers, and listened to stories and realities of our neighbors and friends who were being impacted. Quickly, we learned that no matter how we sliced the information, the math—and trajectory—for our small seaside town just didn't add up to a thriving, year-round community.
In response, we set our sights high. We established a mission to create and sustain affordable housing for year-round residents in Kennebunkport, fueled by a vision to build 25 permanently affordable homes by 2025. And we made our commitment to the community clear promising to work hard so people like our teachers, first responders, local employees, fishermen, healthcare workers, and seniors, would have affordable housing options here in our community.
In 2019 and 2020, we created a plan, asked for your help to make the vision a reality, and were overwhelmed with the level of support you offered.
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In 2021 and 2022, we delivered on our promise, and affordable homeownership in Kennebunkport is a reality for six new families.
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NOW, we need your help again. We've got 19 more homes to go and no time to lose. We are working to secure the land for our next neighborhood and are counting on the generosity of the community to make it possible.