Affordable Housing Unit for Sale in Andover
A two bedroom, two bathroom condo is for sale at Coachman's Ridge in Andover. The sale price is $185,000 and buyers must meet income and asset limits.
Applicants must be first-time homebuyers. A person is a “first-time home buyer” if no person in his or her household has, within the preceding three years, owned a home or owned an interest in a home with one or more people, such as through joint ownership.
Displaced homemakers, single parents and households over the age of 55 do not have to be first-time homebuyers, but must sell their current property in order to purchase the unit. (The Department of Housing and Community Developments definition of displaced homemakers and single parents will be used, as published in the Comprehensive Permit Guidelines. These definitions are available upon request.
To be eligible to purchase an affordable home, gross annual income must below the maximum level as described below. There is no minimum income, although applicant’s income must be able to support a mortgage that is sufficient to purchase the affordable home.
To be eligible, the combined annual income for all income sources of all income-earning members in the household must be at or below eighty percent of the area median income, as defined by HUD, adjusted for household size, for the local area. Income in most cases is defined as gross taxable income as reported to the IRS. According to the 2018 Income Guidelines released by HUD on April 2018, the income limits for Andover, MA are the following:
1-person household: $50,350 2-person household: $57,550
3-person household: $64,750 4-person household: $71,900
To learn more about the condo available click here
To download an application for purchase click here