[su_tabs][su_tab title=”Bearses Way”]Kingston, MA.
Private developers, Southeastern Sand and Gravel, Inc. and Champion Builders along with officials of the Town of Kingston, have collaborated to provide this affordable housing opportunity in Kingston. The developments have been permitted in accordance with the Inclusionary Zoning By-Laws and is in accordance with the Department of Housing and Community Developments’ Local Initiative Program , Local Action Units Only (“LIP-LAU”).
There will be for 5 affordable homes in part to satisfy the affordable housing requirement for a development known as Tall Timbers Estates. In conjunction with Tall Timbers Estates, there will also be additional Affordable units offered within the development known as Bearses Way also located within the Town of Kingston. Bearses Way will have a total of 17 Units of which 2 units are being offered as affordable units.
This lottery will be for 7 Affordable homes. There are 5 Affordable homes within Tall Timbers Estates located off South Street and 2 Affordable homes to be located within Bearses way off of Pembroke Street. All seven (7) homes will have three (3) bedrooms and 1.5 baths.
All of the affordable single family homes in both developments will be sold at the initial sales price of $204,700. These homes are designated as affordable to be sold to first time homebuyers whose incomes are at or below 80% of the area median income.
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 Homeowners fees of $25 will be approximately $1,550.00. This assumes a 30 year fixed rate mortgage at the rate of 4.25 plus .25 % with a 5% down payment. Your down payment can be 3% of which half can be a gift. There are some housing programs such as USDA in which the down payment may be as low as $0. You cannot rely on this estimated monthly cost amount, this is only an estimate. Your actual mortgage rate and payment may be different based on the actual interest rate and other factors. You should verify your actual mortgage payment with your lender and/or accountant.
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