791 Wind River Lane Unit #3
This home has a known issue with the roof system that is in need of repair. The Homeowner's Association is currently working on an assessment to the owners to cover the cost to replace the roofs. The repairs are estimated to take place during spring/summer/fall of 2020. The owners will be required to move out of the unit during the time of the repairs, which are estimated to take 3 to 4 months. Based on two bids from contractors, the cost of the repairs plus the costs for the owners to relocate is approximately $160,000. This amount will be held from the seller's proceeds in escrow by the Housing Department to pay for costs to repair the roofs and owner relocation. Any costs that exceed $160,000 will be the responsibility of the new owner.
All households who wish to enter the drawing for this unit must submit a NEW Lender's Qualification Worksheet. The lender must make a statement on the Lender's Qualification that they are aware of the roof replacement project.
791 W Wind River Lane, Unit #3: 2-bedroom, 2-bathroom, Loft, 1 car garage, 1,392 square feet, range, refrigerator, dishwasher, washer and dryer, 2 pets allowed
Home Price: $372,829
Income Range: Workforce ownership unit - see eligibility requirements, below.
Occupancy Requirement: one or two adults with one or more dependents
CCR’s (please read):
Example cost breakdown for a purchse price of $372,829
|3.5% down payment (required)||$13,049|
|Principal & Interest Payment (estimated 5% interest)||$1,931 per month|
|Property Tax (estimate)||$177 per month|
|Insurance (estimate)||$100 per month|
|HOA Dues (estimate)||$325 per month|
|Total Estimated Monthly Payment||$2,533|
It is recommended that you speak to a local lender about all your financing options.
Please note the policies in effect to enter any weighted drawing: Housing Department Rules & Regulations
Weighted Drawing Entry Eligibility Highlights:
At least one adult in the household must be employed full-time in Teton County for a minimum of one year. The Housing Department defines full-time employment as working a minimum of 1560 hours per year (30 hours/week average).
You may receive one additional entry into the drawing for every year of verified full-time employment (minimum of 1,560 hours) in Teton County with a maximum of 10 years/entries.
No income or asset limits.
Must have a completed Lenders Qualification Worksheet, including a statement from the lender that they are aware of the needed roof repairs and potential HOA assessment, with an up to date Credit Report (provided by a local lender, AnnualCreditReport.com, or CreditKarma.com), and a completed Home Buyer Education Class Certificate all must be attached to the Weighted Drawing Entry Sheet or on file with the Housing Department. The Housing Department will keep your Lender's Qualification on file for one year. The Home Buyer Education Certificate is good indefinitely.
The loan amount on your Lender's Qualification worksheet is for at least the purchase price minus your down payment of the home for which you are applying. You must be able to prove your ability to secure financing.
75% of the Household’s combined income must be earned working for a business located in Teton County.
Household must live in the home 10 months out of each year.
Household may not own any residential real estate within 150 miles of Teton County.
Please click here for information for Critical Service Providers (CSPs).
Calculation of Income:
Household income is calculated based on the current income earned by all intended adult occupants of the Restricted Housing Unit at time of weighted drawing entry using the current household income to estimate an annual (12 month) income basis. Households must use their current income and may not make changes or adjustments during a drawing period.
Business income of a qualifying Household is calculated using an average of the last three (3) years of income on the business’ tax returns. A year to date profit and loss determination will also be used to calculate business income. If the business has not been operating for three (3)
Deadline to Apply: Tuesday, October 8, 2019 by 4:00 p.m. No late or incomplete entries will be accepted. If selected first for this unit you will be notified by phone. All others will be sent an email notice.
All forms need to enter into this weighted drawing are here, under "Ownership - Weighted Drawing Entry Forms".
We understand that our applications to enter into the weighted drawing take time and effort, and we do not want to disqualify you due to an oversight or misunderstanding about our process. Please bring your applications in prior to the due date so that we have time to work with you, make corrections, and give feedback if anything is wrong.