Dunham Farm Condominium, Hanson, MA
This is a 55+ community in which at least 1 member of the household must be 55+
A private developer and officials of the Town of Hanson have collaborated to provide this affordable housing opportunity in Hanson. The development will be located at 902 Main Street and it will consist of a Fifty-two (52) unit condominium development of which Thirteen (13) were be designated as affordable. Twelve (12) of the affordable units were sold in a previous lottery. This lottery will be held for the one (1) remaining Affordable unit.
The initial sales price is $189,400 for the 2-bedroom homes with 2 full bathrooms and the estimated Condominium Association fee will be $210 monthly. The units will have forced hot air gas heat, town water, central AC and a shared septic system. The new townhouse condominiums will be approximately 1,968 square feet. This is a 55+ community in which at least 1 member of the household must be 55+.
It is estimated that the total monthly cost of your mortgage payment including Principal, Interest, Real Estate Taxes, Private Mortgage Insurance (PMI), Hazard Insurance and Condo fee of $210 will be approximately $1,863. This assumes a 30-year fixed rate mortgage at current Freddie Mac rate of 7.43% with a 5% down payment. You cannot rely on this estimated amount, this is only an estimate. Your actual mortgage payment may be different based on the actual interest rate and other factors. This monthly mortgage payment is pre-tax and does not include the tax advantage of home ownership. To determine your monthly payment and net expense post tax effect, you should consult with your accountant or tax advisor.
Your down payment can be 3% of which half can be a gift.
All affordable homes will have a “Deed Restriction” that will be recorded with the mortgage at the time of purchase. This deed restriction in part, limits the amount the home can be resold for or refinanced for and requires that it be resold to another affordable buyer.