WINCHESTER - Feeling lucky?
Winchester, along with the Department of Housing and Community Development is holding a lottery for two units at Winning Farm for first-time home buyers. Winning Farm is located on the west side of town near the Vinson-Owen School and Wright-Locke Farm.
The units are available for the below market price of $249,000. These three-bedroom, two-and-one-half bath units each include a two-car attached garage and are approximately 2,476 square feet. Interior finishes include kitchen appliances (refrigerator, range/oven/cooktop, dishwasher, and microwave), washer/dryer hookups and dual zone energy efficient heating/HVAC equipment.
The initial condo fee is $140 per month and includes a master insurance and a small reserve.
While Winning Farm is an over 55 community and one person living in each unit must be at least 55, those applying for one of these two available units don’t need to meet the age requirement. Residents of any age can reside in these two units.
The units are available only to first-time home buyers, defined as persons who haven’t owned a home within the past three years. There are limited exceptions including displaced homemakers, single parents, households with at least one member aged 55 or over, where the previous residence was not permanently affixed to a permanent foundation, or where the previous residence was not in compliance with code.
Applicants must be pre-approved for a 30-year fixed rate mortgage no more than two percentage points above the current MassHousing rate, with no more than two points. Buyers can’t pay more than 38 percent of their income for housing costs. Non-household members aren’t allowed to co-sign the mortgage.
Applicants must make a three percent down payment (at least half being from the buyer’s own funds) and pay closing costs, as determined by the participating lender, and show evidence of those funds in the financial disclosure of their application.
Income and asset limits based on Housing and Urban Development 2020 data:
• Three-person household: maximum $86,650
• Four-person household: maximum $96,250
• Five-person household: maximum $103,950
• Six-person household: maximum $111,650
Individuals with a financial interest in the development and their families aren’t eligible to participate in the lottery.
Persons with disabilities may request a reasonable accommodation of rules, policies, practices, or services, or to request a reasonable modification of the housing. Preference, however, will be given to those with a Winchester connection; either current Winchester residents or those working within or for the town.
Due to LIP requirements, the percentage of minority applicants in the preference pool must equal the percentage of minority applicants in the HUD-defined statistical area (Boston = 27 percent) during the lottery selection process.
All eligible applicants will be given a registration number, placed in their respective pools, and drawn by lottery. The unit will be offered to the first eligible household drawn that requires three bedrooms. If the household declines, the next eligible household will have the chance and so on. The lottery will be held via Zoom.
In order to proceed, each person selected in the lottery must sign an “Intent to Purchase Agreement” within two days of the lottery. DHCD will approve all buyers and buyers can’t close until final DHCD approval.
Applications are due by Thursday, Jan. 21 and can be requested by emailing Jennifer Cafarella. Submit completed applications to the Town Manager’s Office, 2nd Floor, 71 Mt. Vernon St. Winchester, MA 01890, ATTN: Winchester FTHB Program via Housing Lottery.
See www.winchester.us for more information.