856 Wendell Road, Warwick

For Sale: $231,646

RDI will provide reasonable accommodation and/or language assistance if needed when completing this application.

• Please speak to a lender for a mortgage pre-approval letter before starting the application.
• This application is to be filled out by all adult members of the household, 18 years old and over. If there are more than two adult members of the household, please use a second application form.

Submit application via mail, online, or in person to:

Rural Development, Inc.
241 Millers Falls Road
Turners Falls, MA 01376

Before filling out the online application, please review the Affordable Homeownership Information Sheet:

English

Spanish

Moldovan

Haitian Creole

Households must receive homeownership education/counseling prior to closing on the purchase of the home. A certificate of completion from a HUD-approved homebuyer education course will be required. Certificates with a completion date within 2 years prior to the closing date will be accepted. Information about upcoming workshops and online options is available at https://fcrhra.org/first-time-homebuyer/ 

Please list ALL sources of income as requested below for ALL household members aged 18 or over.

NOTE: If a member of the household aged 18 or older is NOT working, they must provide, as part of the required verification, a signed notarized statement describing the current situation.

Below, please upload verification for each source of income to include:

• Copies of five (5) most recent consecutive pay stubs for all employed members of the household.
• If you are self-employed, provide a current year-to-date Income & Expense report signed by the preparer.
• Copies of statements and documents that indicate the payment amounts from all other sources of income of all members listed on the application, such as alimony and/or child support, Social Security benefits, all types of pensions, employment, unemployment compensation, workers compensation, alimony, disability or death benefits and any other form of income.
• Copies of previous three (3) years Federal and State tax returns, as filed, with the most recent year’s 1099’s, W-2’s and schedules, for every household member aged 18 and over.

Please list assets for ALL household members, including minors.

Please upload proof of all assets including but not limited to copies of three (3) most recent statements for checking, savings, certificates of deposits, retirement accounts, etc.  For statements that are quarterly, please provide the most recent quarterly statement. All statements must reflect current balances.

A mortgage pre-approval letter is required to be entered into the lottery. The pre-approval letter must be based on the applicant/s credit score and current financial situation and be from a lender experienced with first time homebuyers and deed restricted properties.

Note: A pre-approval is typically different than a pre-qualification. Pre-approval requires that more documentation be provided to the lender and is a conditional commitment (though not a guarantee) from them to lend you a specific amount.

Applicant financing must meet the following criteria:

1. Down payment must be at least 3% of the purchase price ($6,949.38), at least $1,000 of which must come from the buyer’s funds.
2. Mortgage loan must be a 30-year fully amortizing mortgage for not more than 97% of the purchase price with a fixed interest rate that is not more than 2 percentage points above the current Freddie Mac interest rate (www.freddiemac.com).
3. Monthly housing costs (inclusive of principal, interest, property taxes, hazard insurance, private mortgage insurance and condominium or homeowner association fees) shall not exceed 38% of monthly household income.
4. Non-household members are not permitted as co-signers of the mortgage.

Certification: I/We certify that the information provided in this application is true and correct as of the date set forth opposite my/our signature(s) on this application and acknowledge my/our understanding that any intentional or neglectful misrepresentation(s) of information contained in this application will result in the withdrawal of my application for housing.

Use of Information Disclosure: I/We hereby authorize the Rural Development, Inc., the Monitoring Agent to inquire of credit agencies, employer, banking institutions and lending institutions to allow and assist them to determine my/our determination of eligibility of an affordable home. In addition, we hereby authorize any lender, Mortgage Company or mortgage broker to whom we apply for a mortgage in conjunction with our application to release any and all information regarding our loan application. This authorization includes all mortgage application information provided to the lender including, but not limited to credit reports, other loan applications, assets, employer information, etc.

Household Eligibility: I/We certify that no member of our family has a financial interest in the 856 Wendell Road, Warwick, development.

Understanding of Selection:

I/We understand that I/we are selected in the first-come, first-served application process, it does not guarantee that I/we will be able to purchase a home and that all expenses including closing costs and down payment are my/our responsibility.

I/We also understand that it is my/our obligation to secure a fixed mortgage for the term of the loan and for not more than 97% of the purchase price of the home.

I/We understand that we will need to have at least $1,000 of our own funds to be eligible for the lottery.

I/We understand that even though I/we think that I/we have submitted all the necessary documentation and/or verifications, I/we understand that my/our application may not be considered complete if RDI finds that any documentation and/or verification are missing. 

I/We have read the application and all the attached information and understand the first-come, first-served application process.

Authorization: I/We consent to the disclosure of such information for the purpose of income, asset and any other verification related to my/our application.

An affordable housing deed restriction is a legal document recorded at the Registry of Deeds that specifies the resale, refinance and leasing provisions for the referenced property. The buyer of the affordable unit, selected by lottery, must agree to execute a deed restriction, which will be recorded at the Franklin County Registry of Deeds at the time of purchase. This affordable unit will be sold at a substantial discount price with a Deed Restriction attached. The Deed Restriction ensures that the unit remains affordable for future purchasers of the property during the term of the restriction. It is strongly recommended that purchasers of an affordable, deed restricted unit review the deed restriction with their attorney and lender. Below is a general description of the deed rider:

Principal Residence: The property must be the owner’s principal residence during the term of the restriction.

Notice Requirement: During the term of the restriction, if an owner wants to sell their affordable unit, they are required to notify the Monitoring Agent, Rural Development, Inc (RDI).

Maximum Resale Price: There is a limit on the resale price of the unit so that the unit will be affordable to the next purchaser during the term of the restriction. The formula for calculating the maximum resale price will be established at the time of purchase.

Resales: During the term of the restriction, deed-restricted affordable homes are required to be resold in accordance with the deed restriction to an eligible buyer.

Leasing and Refinancing: Affordable units cannot be leased or refinanced without prior written consent of the Monitoring Agent.

Capital Improvement Policy: The monitoring agent will review capital improvement requests prior to work being done. Capital improvements are defined as “necessary maintenance improvements that if not done would compromise the structural integrity of the property.”

A copy of the Deed Restriction for this project may be requested from RDI by phone – 413-863-9781 TTY/TDD 800-439-2370 – by email at RuralHomes413@gmail.com, or in person at RDI’s office at 241 Millers Falls Road, Turners Falls,  MA 01376.

Statement of Understanding

I/We have read the Summary of the Deed Restriction for the 856 Wendell Road, Warwick application.

I/We understand that, if selected to purchase an affordable unit, a full copy of the Deed Restriction will be provided to me, and that if my household is certified as income eligible and is able to obtain an approved mortgage, that I/We will be required to execute the Deed Restriction at the time of purchase and it will be recorded along with the deed at the Franklin County Registry of Deeds.

APPLICATION CHECKLIST

Please read carefully to make sure that you submit a complete application with all the required attachments. Missing a step may disqualify your application. We can only process your application if ALL fields are filled in, and ALL supporting documentation is provided.

• Application is complete, and all applicants aged 18 and older have signed the last page of the application.
• Copy of the last 3 years Federal and State tax returns, as filed, with the most recent year’s 1099’s, W-2’s and schedules, for every current or future person living in the household aged 18 and over.
• Notarized statement for any member of the household age 18 or older who is not currently working describing the current situation, if applicable.
• Documentation for household members 18 or older verifying full-time student status, if applicable.
• If the applicant is in the process of a divorce or separation, proof that the divorce or separation has begun or has been finalized.
• Proof of pregnancy, if applicable, in the form of a signed letter from a healthcare provider, for applicants claiming an unborn child and/or children as household member/s.
• Copy of 5 most recent consecutive pay stubs, for salaried employed household members 18 and over, longer for seasonal and hourly workers. If self-employed, a current year-to-date Income & Expense report signed by the preparer.
• Copy of 3 most recent statements and documents that indicate the payment amounts from all other sources of income of all members listed on the application, such as alimony and/or child support, Social Security benefits, all types of pensions, employment, Unemployment Compensation, Workman's Compensation, alimony, disability or death benefits and any other form of income – on organization letterhead.
• Proof of all assets for all household members, including minors, which may include but is not limited to checking, savings, IRA's, stocks, bonds and all other assets (i.e. 3 copies of most recent statements for checking, savings and certificates of deposits, IRA or other retirement account statements- on organization letterhead).  All statements must reflect current balances.
• Mortgage pre-approval letter and proof of adequate assets to cover down payment and closing costs.
• Documentation regarding current interest in real estate, if applicable.