Fieldstone Way Fieldstone Way, Wellesley Income-Restricted Home Ownership Lottery Information - Rackcdn.com
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Fieldstone
Way
Fieldstone Way, Wellesley
Income-Restricted Home
Ownership Lottery Information
A Division of Maloney Properties, Inc.
www.MaloneyRealEstate.com
Established in 1981
Summary of Development
Fieldstone Way is a new townhouse-style
condominium development located along Great
Plain Avenue in Wellesley, MA. The development
is located approximately 1 mile from Wellesley
Center.
The development will consist of 44 townhouse-
style condominiums. There be a mix of one-
bedroom, two-bedroom units, and three-
bedroom units. The development will comprise of
thirty-three (33) market rate units and eleven (11)
affordable condominiums.
Two (2) of the Affordable units will be one-
bedroom units, five (5) of the affordable units will
be two-bedrooms, and four (4) of the affordable
units will be three-bedroom units.
Copyright © 2020 Maloney Properties Real Estate. All rights reserved. Page | 2
Summary of Development
Copyright © 2020 Maloney Properties Real Estate. All rights reserved. Page | 3
Available Units
Estimated
Estimated
Floor Sales Monthly Estimated
Unit # Unit Size Condo Parking
Plan Price Property Completion Date
Fee
Tax
1 Garage
11 Fieldstone Way 1-Bedroom Kingsbury2 $258,000 $90 $248.54 1st Quarter 2021
Space
1 Garage
14 Fieldstone Way 1-Bedroom Kingsbury2 $258,000 $90 $248.54 1st Quarter 2021
Space
1 Garage
4 Fieldstone Way 2-Bedroom Iva $290,000 $101 $279.37 1st Quarter 2021
Space
1 Garage
15 Fieldstone Way 2-Bedroom Iva $290,000 $101 $279.37 3rd Quarter 2021
Space
1 Garage
20 Fieldstone Way 2-Bedroom Iva $290,000 $101 $279.37 3rd Quarter 2021
Space
1 Garage
3 Fieldstone Way 2-Bedroom Iva $290,000 $101 $279.37 3rd Quarter 2021
Space
2 Garage
24 Fieldstone Way 3-Bedroom Dana2 $322,000 $112 $310.19 3rd Quarter 2021
Spaces
Copyright © 2020 Maloney Properties Real Estate. All rights reserved. Page | 4Qualifications
Qualifications
We will be conducting a lottery for 7 income-restricted units. This includes a mix 1-bedroom, 2-
bedroom, & 3-Bedroom units in the 80% AMI income category
Maximum Income Limits:
Household
Size 80% AMI Low Income
1 $67,400
2 $77,000
3 $86,650
4 $96,250
5 $103,950
6 $111,650
Minimum Income:
There is not a specific minimum income requirement. All households must qualify for
a mortgage. All applicants must submit a mortgage preapproval with their
application in order to be considered eligible for the lottery.
Maximum Asset Limit
Household assets cannot exceed $75,000
Asset Limits include retirement accounts and real estate.
Copyright © 2020 Maloney Properties Real Estate. All rights reserved. Page | 5Qualifications
Mortgage Preapproval Requirements
All applicants must provide a preapproval letter from a mortgage lender with
their lottery application.
Below are the additional financing guidelines:
• Buyers must provide a down payment of at least 3% of the purchase price. 1.5% of the
down payments must come from the buyer’s own funds.
• 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 MassHousing interest rate (www.masshousing.com).
• 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 income for a household earning 80% of area median
income, adjusted for household size.
• Mortgage co-signers are not permitted unless they are a member of the household
and will be residing in the unit.
• If the heads of household are not legally married, the names of all heads of household
must be on the mortgage.
Copyright © 2020 Maloney Properties Real Estate. All rights reserved. Page | 6Lottery Timeline
Step Start End Summary
Advertising and outreach should allow for sufficient public notice prior to the
Marketing 6/15/2020 9/15/2020 application period. All ads must appear at least twice during the distribution period.
Application Distribution 7/15/2020 9/15/2020 Applications must be made available and distributed for 60 days.
Deadline is typically 7 days after the distribution end date. However, this is adjust
Application Deadline 9/15/2020 based on holidays, etc. Applications must be postmarked by this date.
Lottery Drawing 9/22/2020 The Lottery is typically held 1 week after the application deadline.
The best showing process is to invite the top 4 applicants per available unit to an Open
Showings/Hard Hat Tours Begin 9/29/2020 10/6/2020 House style showing.
Applicants will be given 5 business days after showing to submit all documentation
Application Submission to Monitoring
10/2/2020 10/13/2020 which includes paychecks, bank statements, taxes, and pre approval letter. MPI will
Agent screen the application for income eligibility and reject applicants who do not qualify.
Unit Reservation Executed 10/9/2020 10/14/2020 Once MPI has submitted and Applicant's application, the Applicant will be asked to
sign the Unit Reservation form and provide a $1,000 deposit check. At the same time,
MPI will distribute the Purchase, Sales Agreement, and condo documents.
Buyers must sign P&S within 10 days of receipt of the P&S and mail the 3% (less $1,000
P&S Executions 10/20/2020 10/25/2020 UR deposit check)P&S deposit to MPI. MPI will escrow all deposit checks, unless the
owner prefers otherwise.
Lender has issued a Mortgage Commitment Letter and has issued a Clear to Close. All
Buyer Mortgage Clear to Close 12/4/2020 12/9/2020 lender closing documents are in receipt of the Buyer Attorney.
Receipt of Closing Docs from
12/25/2020
MassHousing
MPI will conduct final walk throughs, deliver keys, obtain 6D and smoke certificates for
Closings Q1 2021 Q3 2020 closings.
Copyright © 2020 Maloney Properties Real Estate. All rights reserved. Page | 7CLOSING TIMELINE OF EVENTS
TASK STATUS NOTES
Offer Signed MPI send to buyer to sign via Docusign (electronic signature)
Offer Deposit The offer deposit must be received immediately to bind the Offer to Purchase. The Buyer must drop off or send overnight mail with
Received tracking # to Seller Agent office. Indicate what property and what deposit on check notes. MPI will provide address.
The Buyer should contact and hire an attorney at this point. It is recommended to find an attorney from your lenders approved
Hire Attorney Reminder attorney list. That means the attorney can review the P&S and close for the lender. This option can be the most affordable versus
paying two attorneys’.
Inspection – This will take about 1-2 hours, (approx. cost $400-$500 paid by buyer). The Home Inspector will produce a report that Buyer should
Reminder
Add to Calendar review with Agent. Ask MPI Agent for inspector recommendations.
Purchase & Sale
MPI sends to Buyer to sign via Docusign (electronic signature) once P&S is agreed between both attorneys. If Buyer cannot sign the
Agreement Due –
P&S by this date, let MPI Agent and Attorney know so we can request extension.
Add to Calendar
P&S Deposit The deposit must be received immediately to bind the Purchase and Sale Agreement. The Buyer must drop off or send overnight mail
Received with tracking # to Seller Agent office. Indicate what property and what deposit on check notes. MPI will provide address.
Mortgage
Right after PS Confirmation should be forwarded to MPI after application is submitted.
Application
Immediately
Loan The Buyer receives the Loan Estimate from their Lender. This includes an estimate of their mortgage payment and closing costs from
after Mortgage
Estimate their lender.
Application
Property Management
Immediately The Property Management company completes the Condo Questionnaire. The Buyer typically pays for this cost. Costs can range
Completes Condo
After P&S from $50-$75. Once complete, the Questionnaire goes to the lender.
Questionnaire
Immediately
Appraisal The Seller's Agent will meet the appraiser at the property. The Appraisal report will be sent to the lender usually in 1-2 weeks.
After P&S
Buyer Contact Property The Buyer should contact the management company at least 2 weeks prior to move in to learn what their move in policy is and
Reminder
Management payment instructions for the condo fees.
Mortgage Commitment –
The lender must provide a Mortgage Commitment letter prior to this date. If not, you MUST let your attorney and MPI Agent know.
Add to Calendar
3 Days Prior Buyer receives their Closing Disclosure at least 3 days prior to close from their Lender. This should be close to what the Loan Estimate
Closing Disclosure
to Close included, however this will be more detailed.
Day before or day
Walk Through We will meet buyer at condo to walk through the condo before the closing.
of closing
Celebrate!!! MPI does not normally attend the closings. MPI will always be available to answer any questions during the moving
Closing - Add to Calendar
process. The closing will take approximately 1 hour and will be at your attorney's office or at the Registry of Deeds.
Effective and Frequent Communication Equals a Happy Client! Complete
Do you know the #1 complaint Buyers and Sellers have about their Real Estate
Agent? It is lack of communication. We do not want that to happen. Our goal is to
communicate with you effectively and frequently throughout the sales process.
We will send you a Weekly Closing Report to show you each step of the transaction
and everyone’s responsibilities.
Copyright © 2020 Maloney Properties Real Estate. All rights reserved. Page | 8Qualifications
Questions?
Maloney Properties’ Staff is available to answer any
questions you may have about this process:
Website: www.FieldstoneWayLottery.com
Email: FieldstoneWay@maloneyproperties.com
Phone: 781-992-5313
Due to an abundance of calls, if you are calling with a question regarding the lottery, please allow up
to 48 hours for our staff to respond to your questions
Copyright © 2020 Maloney Properties Real Estate. All rights reserved. Page | 9You can also read
