4163 Melody Ranch Drive
About the unit: This is a Workforce Ownership home that does not have an appreciation cap. An online intake form must be completed to apply for this home.
Please note: This home, unlike all other Workforce Restricted homes, does not have an appreciation cap. That means that when the owner of the home is ready to sell the home, they may set their own asking price. The Housing Department is tasked with facilitating the sale of this home. This includes listing the home, conducting a drawing for the home, and qualifying the buyer.
The drawings have been conducted for this home with no applications received, so now the home is being offered on a first come first basis. This means that a complete application, and a written offer can be submitted to the Housing Department. The applicant must be qualified by the Housing Department before the offer will be submitted to the seller.
Please reach out to our team if you have questions about this listing. As stated above, this is the ONLY Workforce home without an appreciation cap, so it's a unique situation for both potential buyers and our team.
4163 Melody Ranch Drive - Please read this listing carefully. This is the ONLY Workforce home in our program that does not have an appreciation cap. We require an appreciation cap on all new Workforce and Affordable homes.
- This listing includes a main house and an accessory unit (apartment)
- The main house includes:
- 5-bedrooms, 3.5-bathroomss with a 2 car garage.
- Oven, Cooktop, Refrigerator, Dishwasher Microwave, Washer and Dryer
- The efficiency apartment includes: 1-bedroom, 1-bathroom, with Range and Refrigerator. Please note that the Melody Ranch HOA will not allow the rental of this apartment.
- 2,918 total square feet (not including garage. Information obtained from seller)
- The main house includes:
- Home price - This home is being offered on a first-come, first-served basis. Please note that loan amounts over $822,375 constitute a Jumbo Loan. These loans have different guidelines than the normal conventional loan and the loan terms will be determined based on the buyer. Interested buyers should discuss their options with a lender. A Lenders Qualification Sheet that includes the loan terms is required to enter the drawing for this home.
- Pets allowed
- Income Range: Workforce Ownership unit - see eligibility requirements, below.
- No minimum Occupancy requirements
- Housing Department Rules & Regulations, Section 4: Weighted Drawing.
- All forms needed to apply are here, these include the Application Checklist, the Application, a Lender's Qualification Worksheet, a current credit report, completed Home Buyer Education Class certificate, and current work affidavits, along with other supporting documentation.
- Special Restriction
- At least one adult in the household must be employed full-time for a Local Business in Teton County. The Housing Department defines full-time employment as working a minimum of 1,560 hours per year (30 hours/week average).
- There are no limits on the amount of income a household earns or the value of assets owned.
- 75% of the Household’s combined income must be earned working for a business located in Teton County.
- Household must live in the home 10 months out of each year.
- Ownership of other residential property within 150 miles of Teton County is prohibited. However, an applicant may own other residential property within 150 miles at the time of application but must sell it within one year pursuant to the Housing Rules and Regulations.
- Along with other documentation, A Homebuyer Education Certificate is required. The class can be found at. Homebuyer Education Link
- 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.
Calculation of Income
While there is no limit to the amount of income a Household Earns to qualify to purchase, the Housing Department will still need to calculate your income to verify that the Household earns at least 75% of their combined household income from a Local Business(es).
Household income is based on the current income earned by all intended adult occupants of the Restricted Housing Unit at time of application 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.
Self-Employment Income Calculation Policy:
- Gross income is used minus cost of goods sold (not cost of goods in inventory – that is an exempt asset).
- Equipment, vehicles, furniture, fixtures, etc. are already exempt from being counted as assets so they are not allowed to also be deducted from income.
Businesses that do not have 2 full prior years of income:
- Use the tax returns to get gross income earned in the first year of business minus cost of goods sold (if taxes have not been paid, use the Profit and Loss for that year to get gross income minus cost of goods sold). Divide by the number of months the business was operating during that year. Multiply by 12 to get one year of income for the first year.
- If the business has a full year of income in the second year of operation, use the tax returns to get gross income minus cost of goods sold. This will be the income for the second year.
- If there is no income for the current year. Average the first and second years.
- If there is income for the current year, use the Year to Date (YTD) Profit and Loss to get gross income minus cost of goods sold. Divide by the number of months to date in the current year. Multiply by 12 to get one year of income for the current year.
- Average the current year with the past year(s).
- If there is only the current year, use the current year number.
Businesses that have 2 full prior years of income:
- Use tax returns for each of the 2 prior years.
- Take the gross income minus cost of goods sold for each year.
- Use the YTD Profit and Loss for the current year. Take the gross income minus cost of goods sold. Divide by the number of months to date in the current year. Multiply by 12 to get one year of income for the current year.
- Average the current year with the 2 prior years.
- If there is no income for the current year, do number 1 for 3 prior years and average the 3 prior years.
- If the third prior year is the first year the business was operating, use the tax returns to get gross income minus cost of goods sold. Divide by the number of months the business was operating in that year. Multiply by 12 to get one full year for the first year in business.
- Use the steps above to get average monthly income.
- Multiply by 12 to get one full ear of income.
Monthly Estimated costs associated with purchase:
- Property Tax - $926
- Insurance - $200
- HOA Fees - $65
"It is recommended that you speak to a local lender about all your financing options. Please be aware that due to demand, most lenders need a minimum of 48 hours to provide a completed Lenders Qualification sheet."