ARLINGTON * CHELSEA * EVERETT * MALDEN ¢ MEDFORD * MELROSE ¢ REVERE * WINTHROP NORTH SUBURBAN CONSORTIUM www.northsuburbanconsortium.org FIRST TIME HOME BUYER DOWN PAYMENT/CLOSING COST ASSISTANCE LOAN PROGRAM Malden Redevelopment Authority Representative Member and Agent for ‘North Suburban Consortium, 200 Pleasant Street, Room 621 Malden, MA 02148 (el) 781-324-5720 (lag) 781-322-3734 aOverview... ‘The North Suburben Consortium (NSC) offers Fest Time Home Buyer Down PaymentiClosing Cost Assistance Loans to income eligible applicants who are purchasing a condominium or single-family hhome’ in the NSC’s jurisdiction. Applicant must be a firs ime home buyer. A first time home buyer is defined as not having ownership interest in property forthe previous three yeas (this includes isplaced homemakers and single parents who may have owned a home with a spouse). Property must be occupied as primary residence, Loan amount is up to $7,800 for condominium or single-family roperty Purchase (low mua wt be dexratne at conparon of NSC underwriting proves). ‘The applicant’s primary mortgage lender must fund the NSC Down Payment/Closing Cost Assistance Loan amount at elosing and that amount should be documented in the closing Settlement Statement, The NSC will reimburse the primary mortgage lender, post-closing, after receipt of the ‘original NSC Promissory Note signed by buyer(s) and copies of recorded NSC Mortgage and closing Settlement Statement (these documents should be sent to the NSC, e/o Malden Redevelopment ‘Authority, 200 Pleasant Steet, Room 621, Malden, Massachusetts 02148, ATTN: HOME Program Director). ‘ooo more family propre nt aie How to Qualify... 1, Primary Mortgage Financing Applicant must obtain primary mortgage financing with a fixed interest rate from a qualified lender. “Massachusetts Housing Partnership ONE Mortgage Program, Mass. Housing Mass Advantage or My Community Mortgage Program, VA Loans and FHA Loans are automaticaly approved mortgage products. Applicant should contact banks to apply for pre-approvals and to oblain primary mortgage financing, 2. Home Buyer Counseling ‘To qualify forthe above-referenced morigage products as well as the NSC Down Payment/Closing Cost, Assistance Loan, applicant must attend a First Time Home Buyer Counseling Workshop. ‘The NSC ‘sponsors counseling workshops by Medford Community Housing (sww.medfordcommuntytousing.ors) and Chelsea Restoration Corporation (nww.helsearesttion arg) For information on these and other ‘workshops offered throughout the state, check Citizen’s Housing and Planning Association website ‘wvnwchapa.rg). Applicant must provide a copy of First Time Home Buyer Counseling workshop certificate (no more than two years old). 3. Income Qualifications To qualify for NSC Down PaymenlClosing Cost Assistance Loan, applican's combined household income (gross income) must fall below the income limits set by the U.S. Department of Housing and Urban Development (HUD). Income from alf household members 18 years of age or over must beinclnded, however, in certain circumstances, fll time students income may beexeluded. Income limits ars HUD Income Limits $0% Median Family Income (MED (eftve Merch 30,2016: 1 person household: $51,150 2 person househol 3 person household: $65,750 44 person househol 6 person household: $84,750 8 person household: $96,450 Credit Seore: Applicant must have a minimum credit score of 620 fora condominium or single-family ‘property purchase. If there is more than one applicant, the average ofthe applicants’ credit seores must ‘be @ minimum of 620 fora condominium or single-family property purchase, 4. Other Qualifications ‘Purchase Price Limity ‘The proverty purchased cannot exceed the following prices (FV1S— March 2015): ‘Existing Housing ‘Community Thi ‘Revere, Chelsea, Winthrop $357,000 ‘Mallen, Medford, Melnse, Ailing, Evert $361,000 ‘Communi Tait Revere, Chelsea, Winthrop 3357.0, ‘Malden, Medford, Melrose, Angin, Evert $575,000, ‘Asset Limits Applicant cannot have moze than $75,000 in liquid assets post-closing. Liquid assets incinde stocks, bonds, CDs, as well as cash, savings and trast funds (retirement accounts are not included), Anspection housing quality standunls inspect be conlucied ato vant dhe applica ‘ensure thatthe property meets state and federal housing eodes. Housingsto- fo ("HIT") Applicant can have a maximum HITT of 38% fora condominium ‘oF single-family property purchase. The HTH isthe ratio ofthe applicants complete monthly mortgage payinent consisting of principal, interest, taxes, insurance and condominium fee ("PITI") tothe applicant’ total monty household income. (Applicants primary mortgage lender will ssue a ‘wutl-in-leading disclosure or similar document which clearly states the PITT payment.) Debt-to-Income Ratio ("DTI") Applicant can have a maximum total DTT of 43% for a condominium ‘or single-family property purchase, The total DTT includes ober debt such as student loans and ‘consumer debt in addition 1o housing debt.Sufficient Cash Reserves (post-losing) Applicant must have suficent cash reserves on hand, {including any amouat of down paymenvclosing cost assistance offered, wo pay to months of PIT! fora ‘condominium or single-family property purchase, How to Apply... For primary morgage raning, contact kt ofers mortgage pots, ‘To apply or NSC Down PaymeneClosiog Cort Asistnce Loan, complete the Fist Time Home Buyer Down FaymonCtosng Cost Asiance Loan aplication ~ tached. Return he completed application tlons wih the required docrentaton et fh blow ote NSC member comma representative (Gee member eommunityrepeseattve contact infonnation blow) oro ie Malden Redevelopment Author. Alf document mut be submitted with eomplted appleaion nlessothervse noted ht the document vil be signed afer approval ofthe down payment ong east csistnc oan opin or Signed at losing. \otunary Sle Disclose (mst be sgn by sells) ~ attached Copy of signed Purchase nd Sele Agreement Copy of primary mortgage financing Loan Application Copy of primary mortgage fnansing Commitment rom qualified lender Copy of Tutiin-Lending Dsslosue or similar docamen som primary moagage Inder Copy of Form 1008 Vsifonn Loan Tansnitl Summary iso by primary morgage ener Copy of Credit Repont (or Crest Reports if mor than on pian) Cenifeat from Fist ime Home Buyer Counseling Workshop (not more than two years old) Copies years most resent Federal tx returns Copies 3 mons mst een bank statements forall bank accousts Copies of 3 months root reset paysibs Documentation of xher" income sources (alimony, child support, velfire assistance, ete) Zero Income Affidavit (x separate Affidavit must be completed by every household member over 18, years of age who has no income) - attached Liquid Asset Certification - attached IRS Certification Forms attachedUpon Approval... ‘Upon approval, appicant wil recive and be required to som ~ Commitment Letter for the NSC Down Payment/Closing Cost Assistance Loan. A copy of the signed Commitment Letter should be provided to primary mortgage lender and/or closing atfomey. Closing ttomey will prepare NSC Mortgage and Promissory Note (NSC Mortgage and Promissory Note can be requested ftom the NSC or can be downloaded from the NSC. ‘welnitc sre nsutarbuncansort oy). + Recapture Agreement acknowledging that they understand the NSC Down Payment/Closing Cost Assistance Loan amount ean be recaptured ifthe property is refinanced, sold or transferred ‘within five (6) years, = HOME Written Agreement evidencing thatthe household and property complies with all of HUD's standards, At closing, applicant will execute NSC Mortgage and Promissory Note forthe full amount of the down, ‘paymentclosing cost assistance loan, ‘NSC Down Payment/Closing Cost Assistance i a 0% interest, no monthly payments, five (5) year term, Joan, The applicant must live in the property as their primary residence; each year, on the anniversary date of the loan, 20% ofthe oxiginal loan amount is forgiven. After five (5) years the Ioan is completely fons NSC Member Community Representatives Please contact designated community representative for more information about the NSC First Time Home Buyer Down Payment/Closing Cost Assistance Loan Program: Revere, Winthrop & Everett: Mark Signore 781-286-8187, msignore@revere.ong Malden & Melrose: Maureen Taylor 781-324-5720 x 5730, mlavlor@maldenredevelopment.com Chelsea: Marilyn Garcia 617-889-2277, mgarcia@chelsearestortion org Medford: Rachel Powers 781-395-2480, mowers@medford.ore Abtingon: Laura er, 781-316-3091, lwiener@town.arlington.mausNORTH SUBURBAN CONSORTIUM Application for First Time Home Buyer Program DOWN PAYMENTICLOSING COST ASSISTANCE, All information submitted by applicants and obtained for verification wil be confidential and used solely for the processing of First Time Home Buyer applications Name of Applicant Soe Sot Home aires Home pone Werk phone Co-apoiant Spouse: "Name of Arla DATE OF BIRTH, Swe Set Mari) Stats Home adios Home pone Wark phone 1 Persons bowed ist a ear fh uso Plessis hilen'ass) Menber# ame Relalastip fee Sica Soe # ». », Pleas prove the elon infomation ening ries ily compost White (Nom spn) _ Back (Now Mispni Native Ameria Aso Pai adr spaniel ac, ote: Honinor Disb Howsehold pe Singlenonslery___—eldey_— relied singh pe Retned wo pre__oteeINCOME: Total income or bach +P ince al suce of incomereseved by all eusehald menbers. For exampe Wages, soil ea, interent nd investment ams, werkasn's enpenstion unemployment dbl reine, ARDC, or fy ther ype of ovement rail aseaes, simon. chil supp “Erophyent icone ested ty al boushol member 8 years oie Applicat: employment income: Bese weekly: Yentys Hoey ets owsperweck_____—_ Week pry 7. Wess. ‘Shite iteemit Weekly §—— Solny Anal Osher (op8 ‘Selfemplonet/ Net income am bases § x Weakly, Monty, Annual Corapptcase’s emplyieat income Bose esky Yeurys Howty at: owrsperweck____ Weeks per year OF. Weekly _——_ Shit ira Westy 8 Sala Anal omer (978, 8 Set employtnnt/Netincoms hm snes x ‘You il be vega prove verification of allvurer oncom ‘Othe amity income Source Soarees Enaloyment for Anplcant umpleyers Name Adress. Post ort onan empl. phone rploger 26 Name Adres Postion o tie Length empl. phoneposes Name Adres Peston 0 le Length emp hone Enplyer 24 Name Ave, oston oe Leng employ. phone INSTALLMENT DET (ete, titans set as 2) Conse set stalenee 8 vr ee eto #2 Moet syne tance ratio 93 seo elance Monty payment 1. Bank/ Cet on tes, Sie Sore — Tye [Arson] Cat ate | Anmel ——PResonnt ecount incon from | Balto 2, Bak Con Ut ren Tae eT] eat | Reinet] Cable] Anal [Recount Aout Income fom | Halnce3. Other (Ds inrest nl, viens) 4 Bonds, sun fnds, socks ei) Leech autora the aot the North Suburban Const a pat ofthe splat, oc verification of en ingest, ‘nfoonton nd ta tbe in thi applston or determin of my/our esi fre NSC fst ive ome bayer rogram, Penalty for fae or audlentstateent: [US.C.Tie 1, tion 101 oF te US Criminat Cade provides: nner, any manner witnin he json ony epartwent or agency af he United States knowingly ad wilful fies or makes and ase tus or fraudulent Statemeas or representations or makey ruse ay fae wrt o oament knowing the are fo coma Ts, ttn undalent statements or ety, hale fined wot more San 81000; oF prison not more than Hv ens 0 bth” {eer he inormston ont nhs aplication str t te bes of four knowledge Siratae Sigur‘Note: to process your application, the following ducuments are necess Votunta Sale Disclosure (this form must be signed by the seller) Copy of signed Purchase and Sale Agreement Copy of Primary Mortgage Financing Loan Application Copy of Primary Mortgage Financing Commi ed lender nt from quali Copy of Truth in-Londing Disslosure or similar document irued by primary mortgage lender Copy of Credit Report (oF Reports if more than one applicant) Certiticate from First Time Home Buyer Counseling Workshop (not more than two years old) Copies of 3 years most recent federal tax returns Copies of 3 months most recent bank statements forall bank accounts Copies of 3 yonths most recent paystubs Documentation of "other" income sources (ali ipport, welfare assistance, ete.) Zero Income Affidavit (this Form must be completed by every household member over 18 yeats of age ‘who has no income) ‘Tenant Notice of Non-Displacement Liguid Asset Certification IRS Certification ForRIGHT TO WITHDRAW (be presonte to Sete i purchase ofr an eonractof sce have already been exces) NORTH SUBURBAN CONSORTIUM ator Maron & ARLINGTON? IBLSEN EVERETT ¢ LOSE @ REVERE @WUNTHROF 20 Daz Property Owner: Addis: Subject Property Massachusetts Dear On 20___the bayer entered nto an option to acquire your property fot 5 ‘Oarretona dot indent we made ccearto you thatthe acquisition of your rope) voli in tre hrough an aneable agreement ond therefore, without ay thet of Eient doin (conden), andor at we informed you we bie te estimate of hr market ‘alu of your property tobe, ‘Because you were not advised af ene bh the atone, we wish o oe ou the appetniyt0 ‘witha fom yur agremento sale, witout penal, Before we ean proceed tis necessary {hat you com plete, dat, sign and return this eter ous indieating your decision to not ‘wih from the agreement of sale. Iyouhave any questions about this etc, lease coat he acquiring buy atthe following srs or phone number: Sincerely, Sirs an ie oF ine apres — pass Foe coin conte Sle’ Aan2. the cerify that we understand hat iP Uwe have he ito withdraw fom ‘myo agoemet, without pool sell th subject pen. 12 Ue donot wish o wit from my/our agretnent, without penalty, ost the subjat propor. Dae Snare oF gee win ete PS sin NSC TITHE Apt losval Purehas DECLARATION “Tis i ton you tat would ike to purchase the propery acted a Fa viicory agreement can be reached. We are prepara pay 5 Tora lear ie othe propery under conditions described in the tached proposed contact fale. Because Federal fps maybe used inthe ponhas, wr ane raul datos to you the following information “The sle is voluntary. Ifyou do not wish to sll, the buyer, trough te agenes, North Subueban Consortium (NSC) wil not aeaue your propery The buyer ‘oes ot have the power of einent domain o acquire your property by condemnation (Le. ‘eminent domait) andthe ageney/Sponsor NSC il not we the power o einen domain to ‘oquie the proper. 2, The subjet opens ised fer purchase at We baie thatthe propos ir market value is 8 “Weare prepared to purhase your propery; however, depending onthe osu Fe appre, our writen oer may ifr trom this amount, Since the purchase would = be altar, arm’s length iranseton you would not be eligible for relocation payments or other relocation assistance under the Uniform Relocation Assistance ad Real Propesty Acquistion Policies Act of 1970 (UR), or anyother lave of regulation Alo, a indicated in the contract of sal, his offer fs made on the condition tht no tenant wil be permied io occupy the property before the sale is completed ‘Again, please understand hat if you donot wish to sell your property, we will tke no farther ‘action to acqute it If you ae willing to sel the property eer the conditions described in he attached ‘Contract of als please sign the contract and return i us at Noth Suburban Consortium, 209 Plessant St Room 621, Malden MA 02148. Ifyou have any questions about this mater, please contact HOME program Director Dez Bitoddy of 781-324-3720 Ext 5729 or via email dbieeddy@hmaldemedeveloprent.com, Sincorely, Tite Boer Dae Biowr For continues on net page With Sells Acknowledgment‘Disclosure to Seller with Voluntary, Arm's Length Purchase Offer (Page2) Acknowledgement ‘As the Seller Uwe understand tht the Agency will inspest the propery for Heakh and safety ‘efcinces, Uwe also understand tht public funds maybe involved in this trnsetion and, a3 ‘such, ithe propesty woe built before 1978, a lead-based pet eseloure must be signed by both the buyer and eller, and that a Visual Assessment wil be conducted to deemnine the presence of detriorted pain. As the Seller, Ve understand that in order forthe buyer to recive assistance tro the City’s Program, the property’ must be curently ovmeroceupled, vacant for at least'3 moaths at tbe me of Submision of purchase ofr, aw (never oseupied), rete: purchasing te uit. awe hereby cetfy ‘thatthe propery is [ivecantatteast3 months; Owner-occupied; []New or] Being Purchased by Occupant Live hereby certfy that E have read and understand this “Declaration” and) a copy of sald "Notice wax given fo me ror tothe offer to purchase. 1 reeled afer presenation of the purchase ‘afer Ie choose [-}t0 withdraw or |} no 0 withdraw, fom the Purchase Agreement Siler — Dae Sige DaeZero Income Affidavit Household Name: Subject Property Address: 1, Thereby certify that I do not individually recive income fom any ofthe following ‘Wages from employment (including commissions ips, bonuses ees, et.) Income from operation ofa business, Rental income from real or personal property; Interest or dividends fom assets; Social Security payments, annuities, insurance policies, retirement funds, pensions or death benefits; ‘Unemployznent or disability payments; Publi assistance payments; Periodic allowances such as alimony, child supporto gifts received from persons living in my household; i. Sales from soltomployed resources (Avon, Mary Kay, Shaklee, et); J. Any other source not named above. pePrP Fen 2. Tourrently have no income of any kind ad there i no imminent change expected in my ‘nancial status or employment status during the next 12 months. ‘Under penalty of perjury I eertify thatthe information presented in tis certification is trae and ceurate to the best of my knowledge. The undersigned further understands that providing false representation herein consiutes an sot of faud. False, misleading or incomplete information may result i the temnination ofa lease agreement. ‘Signature of ApplicantHfoaschold Member ate ‘Swom to before me and subseribed in my presence this__day of, ‘Signature of Notary Public Name My Commission ExpiesNORTH SUBURBAN CONSORTIUM. FIRST TIME HOME BUYER PROGRAM, iquid Asset Certification the combined totals of my/our avaiable liquid assets (ater loan elsing) do not exceed $73,000, ‘The definition of liquid asets is typified by monetary holdings in bank accounts (savings and checking) and cenifictes of deposit (CDS) Borrower Signature: Date Co-Borrower: Date Co-Borrower: Date Witness: Date, ly A oon NSCB aDNORTH SUBURBAN CONSORTIUM FIRST TIME HOME BUYER PROGRAM Internal Revenue Certification WWe certify that the __. and. 1040 TRS Tax Retums with Schedules submitted tothe Now Suburban Consortium are those actually submitted tothe internal Revenue Service by mef and that to date, they have not been challenged to necessitate any change in income as reported. Borrower Signature Date Co-Borower: Date CoBorower: Date Witness: Date ‘ns cess COMMONSCET. 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