Affordable Housing property with income restrictions for interested buyers. Buyers must be screened and be certified to submit an offer. Offers must be complete with all information to be considered. Offers cannot exceed the List Price. Buyers must meet Torrington Affordable Housing guidelines. Please review the attached guidelines PRIOR to submitting an application to TAH for approval. This colonial has a lot of updates including new windows, new gas Navian heating system, fresh paint, and refinished wood flooring in most rooms. There are 2 full bathrooms that have been completely updated with new vanities, sinks, tile flooring, tub/shower. The kitchen has new stainless steel appliances, and the den/dining room has built-ins. There is a walk up attic for additional storage, and an oversized detached garage. Situated on a level lot and close to highways, shopping and amenities. This property is part of the Torrington Affordable Housing program and buyers must be prequalified with TAH before submitting offers. Land lease with Torrington Affordable Housing. The oil tank at one time leaked in the basement and has been remediated. Torrington Affordable Housing will not be held legally responsible for any issues arising out of this remediation that Fannie Mae or the current homeowner, have performed in the past and that Torrington Affordable Housing will not be legally responsible for any problems in the future. TAH requires a hold-harmless prior to sale of the property. Approval from TAH is required with all offers in order to be submitted to the seller for consideration.
Type | Level |
---|---|
Bedroom 1 | Upper |
Bedroom 2 | Upper |
Dining Room | Main |
Kitchen | Main |
Living Room | Main |
Primary Bedroom | Upper |
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NMLS Mortgage Loan Originator ID 81725
5/6 (30 Yr) Adjustable Rate Conforming* |
30 Year Fixed-Rate Conforming |
15 Year Fixed-Rate Conforming |
|
---|---|---|---|
Loan Amount | $136,400 | $136,400 | $136,400 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 7.000% | 6.990% | 5.990% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.477% | 7.159% | 6.296% |
Monthly Tax Payment | $253 | $253 | $253 |
H/O Insurance Payment | $75 | $75 | $75 |
Initial Principal & Interest Pmt | $907 | $907 | $1,150 |
Total Monthly Payment | $1,235 | $1,235 | $1,478 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.