South Meadow Village – Sterling, MA
A private developer and officials of the Town of Sterling have collaborated to provide this affordable housing opportunity in Sterling. The development will be located at 81 Chace Hill Road and it will consist of 16 Townhouse duplex homes of which 4 will be designated as affordable, Sterling, MA.
The initial sales price is $226,900 for the 3-bedroom homes and the estimated Condominium Association fee will be $100 monthly.
The homes that will be built will have 3 bedrooms, 1.5 baths and a garage. The new townhouse condominiums will be approximately 1,720 square feet.
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 $100 will be approximately $1,934. This assumes a 30-year fixed rate mortgage at current Freddie Mac rate of 6.27% 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.