All household members must be 62+ years of age.
Unit B-012 of Jacobs Pond Estates is located at 7 Assinippi Avenue, Norwell. This affordable home will have 2 Bedrooms, 2 Baths and is 1,134 sq ft. The condominium homes will have town water, central AC and gas.
The affordable condominium will be sold at the sales price of $126,546 for the 2 Bedroom. It is estimated that the total monthly cost of your mortgage payment including Principal, Interest, Real Estate Taxes, Private Mortgage Insurance (PMI), Hazard Insurance, including a condo fee of $204 should be approximately $1,119 a month. This assumes a 30 year fixed rate mortgage at current rates with a 3% down payment. Your actual down payment can be 3%, of which half, (1.5%), must be from the buyers own funds. 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. You should verify your actual mortgage payment with your lender and or accountant. This monthly mortgage payment is pre-tax and does not include the tax advantage of home ownership. To determine your net expense post tax you should consult with your accountant or tax advisor.
All affordable homes will have a “Deed Restriction” in perpetuity 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. A summary of the Deed Restriction is included herein. You may also log onto the following web site for a complete typical Deed Rider: