A private developer, Timber Crest, LLC and officials of the Town of Medway have collaborated to provide this affordable housing opportunity in Medway. The development is situated on 71.40 acres of land off of Winthrop Street in Medway and will consist of 70 single family homes.
Seventeen (17) of the seventy (70) single family homes have been designated as affordable. The estimated Home Owners Association fee will be approximately $50 monthly. The homes that will be built will have three or four bedrooms with 1.5 or 2 baths and garage. The new homes will range from approximately 1,779 square feet 2,207 square feet.
Medway is a suburb of Boston with a population of 13,162. Medway is in Norfolk County. Living in Medway offers residents a suburban feel with many opportunities for single-family homeownership. The Medway community offers amenities such as coffee shops, many public parks, and exceptional public schools.
The affordable Single-Family homes will be sold at the initial sales price of $317,700 for a three bedroom unit and $343,800 for a four bedroom unit. It is estimated that the total monthly cost of your mortgage payment including Principal, Interest, Real Estate Taxes, Private Mortgage Insurance (PMI), Hazard Insurance will be approximately, $2,105 for the 3-bedroom homes and $2,274 for the 4-bedroom homes. 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.
Applications now being accepted on a first come first server basis