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Nadia Estates – Foxborough, MA – Condos

[su_tabs][su_tab title=”Nadia Estates”]Foxborough, MA.

Nadia Estates is located on the western side of Mechanic Street, east of Morris Street.  The construction of the roadway is anticipated to be in the spring of 2016 with the homes available in the winter of 2016.

The proposed development will consist of 3 condominium buildings containing a total of 36 Condominium Units.  Some will be 2 bedroom units and some will be 3 bedroom units.  There will be 9 units designated as affordable.

PURCHASE PRICE:

It is estimated that the sales price will be between $185,000. to $215,000

The units must be purchased by first time home buyers. That means a purchaser has not owned a home in the last 3 years.  There are some exceptions such as:

  • Displaced Homemaker (divorced, legally separated)
  • Applicant or Co-Applicant is 55+.
  • Some other minor exceptions

HOUSEHOLD INCOME

To be eligible to purchase, the maximum household income cannot exceed:

1 person household            $51,150
2 person household            $58,450
3 person household            $65,750
4 person household            $73,050
5 person household            $78,900

Applicants must have decent credit.  We have nurtured a relationship with several lenders who are familiar with financing of affordable units and have access to some excellent first time home buyer financing such as; Mass Housing, Mass Housing Partnership, in addition to the Federal Home Loan Bank has a $15,000 grant program for down payment and closing cost assistance.  The amount of funds in this program is limited. The USDA offers $0 down with 100% financing.

ASSETS

Assets cannot exceed $75, 000 which includes cash, stocks, bonds, retirement such as 401K etc.

RESTRICTIONS

There are restrictions regarding resale and re-financing.  This program is not designed to make applicants rich; it provides an opportunity to allow them to purchase safe affordable housing.

 

Application Coming Soon

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