3944 Hawthorne Lane
This 1 bedroom, 1 bathroom, 1 car garage unit is 600 square feet and comes with a range, refrigerator, and dishwasher. The unit does not come with a washer and dryer, but it does have hookups for both. NO DOGS ALLOWED.
Price: $86,773
Income Range: 0 to 50% of median family income
Occupancy Requirement: one or two people
Deadline to Apply: Tuesday, October 23, 2018 by 4:00 pm. No late or incomplete entries will be accepted.
Income limits to apply for this Affordable home:
| One Person Household | $0 to $34,475 |
| Two Person Household | $0 to $39,400 |
| Net Asset Limit | $98,500 |
Calculation of income:
Household income is based on the current income earned by all intended adult occupants of the Restricted Housing Unit at time of weighted drawing entry using the current household income to estimate an annual (12 month) income basis. Households must use their current income and may not make changes or adjustments during a drawing period.
Business income of a qualifying Household is calculated using an average of the last three (3) years of income on the business’ tax returns. A year to date profit and loss determination will also be used to calculate business income. If the business has not been operating for three (3) years, the Housing Department will average income over the time the business has been operating.
Eligibility Requirements:
Please note the policies in effect to enter any drawing. The Housing Department Intake Form must be filled out and submitted to enter this or any weighted drawing. If you have not submitted an Intake Form prior to the beginning of this drawing you will not be eligible to apply.
Proof of one-year full-time employment, a completed Lenders Qualification Worksheet with an up to date Credit Report (provided by a local lender, AnnualCreditReport.com, or CreditKarma.com), and a completed Home Buyer Education Class Certificate all must be attached to the Weighted Drawing Entry Sheet or on file with the Housing Department.
The Housing Department will keep your Lender's Qualification on file for one year. The Home Buyer Education Certificate is good indefinitely.
Please make sure the loan amount on your Lender's Qualification worksheet is for at least the purchase price minus your down payment of the home for which you are applying. You must be able to prove your ability to secure financing.
You may receive one additional entry into the drawing for every year of verified full-time employment (minimum of 1,560 hours) in Teton County with a maximum of 10 years/entries.
Forms needed to enter the drawing:
Lenders Qualification Worksheet
Homebuyer Education On-Line Class Certificate
Affidavit of Current Employment
Affidavit of Previous Employment
Example cost break down for a purchase price of $86,773
3.5% down payment (required) | $3,037 |
Loan Amount | $83,736 |
Principal & Interest Payment (estimated 5%) | $450 |
Property Tax (estimate) | $41 |
Insurance (estimate) | $150 |
HOA Dues | $150 |
Total Estimated Monthly Payment | $791 |
We recommend you speak to a local lender about all your financing options.
Declaration of Rules and Regulations for Millward Redevelopment