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Tempe Micro Estates Application Process

 

 

Reservations are now being accepted!

To reserve your home at Tempe Micro Estates, please submit an application to meet with a housing counselor to verify your qualifications.

Homes are priced at $210,000, and for as low as $170,000 with subsidy available for qualifying households.

Exact prices are based on income, subsidy-available, and other factors.

Newtown will pay the first $1,000 of a buyer’s broker fee, any additional fee is the responsibility of the buyer. 

Submit your application and acknowledgement form to get started today. 

After your application is reviewed and an appointment scheduled, a $40 non-refundable application fee will be due before your appointment.


Eligibility Requirements:

  • Complete and submit the Newtown Intake Application
  • Meet income eligibility requirements — earning either at or below 80% the federally specified Area Median Income (AMI), or up to 120% AMI (view income limits here)
  • Meet one-on-one with a Newtown counselor
  • Be able to be pre-approved by an approved CLT lender and otherwise be credit-worthy for a mortgage sufficient to cover the purchase price
  • Be able to contribute at least $3,000 of your own funds towards closing costs
  • Complete an approved Home Buyer Education Class*

*Only required for those earning less than 80% AMI.

Procedure and Timetable:

Please be patient, the process of document verification may take several weeks to complete and additional information may be requested.

If it appears you earn enough to qualify for a mortgage, but below 80% AMI, Newtown will contact you to schedule an appointment with a Housing Counselor to analyze your current situation and help you create an individualized homebuyer action plan, review your eligibility for Down Payment Assistance programs, provide advice and coaching while you work with lenders, title companies and others involved in your home purchase transaction, and ensure that you meet all programmatic rules and regulations.

If it appears you earn between 80% and 120% AMI, Newtown will contact you to schedule an appointment with a Housing Counselor to ensure that you meet all programmatic rules and regulations.

Once your eligibility has been determined you will be able to reserve your home.  A holding deposit of $400 will be required to secure your reservation. You will have five business days from being notified to pay the $400 reservation fee and complete a letter of intent.

Once the public report is ready, you will be able to review all documentation, pricing, and choose to enter into a purchase contract for your new home. If you enter into a purchase contract you will need to provide an Earnest Deposit of $1,000.  These funds, along with the holding deposit, will be used towards your closing costs or down payment.