Homesteads at Teton Village
Two Identical Homes for Sale:
Household income must be between 80% to 120% of the Median Family Income.
3-bedroom, 2-bath, 1 car garage, range, refrigerator, dishwasher, microwave, washer & dryer, 1,406 square feet, one household pet allowed.
To be eligible to enter the drawing for these homes, your household's gross income (before taxes) must fit into the range listed below, and your household's net assets must not exceed the asset limit below:
|Three Person Household||$70,920 to $106,380|
|Four Person Household||$78,800 to $118,200|
|Five Person Household||$85,104 to $127,656|
|Six Person Household||$91,408 to $137,112|
|Seven Person Household||$97,712 to $146,568|
|Eight Person Household||$104,016 to $156,024|
|Net Asset Limit||$236,400|
Calculation of income:
Household income is 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) years, the Housing Department will average income over the time the business has been operating.
Weighted Drawing deadline for this home is Tuesday August 21, 2018 by 4:00 p.m. No late or incomplete entries will be allowed, no exceptions.
Please note the policies in effect to enter any drawing. The Housing Department Intake form must be filled out and submitted to enter this or any weighted drawing. If you have not submitted an Intake form prior to the beginning of this drawing you are not be eligible to apply.
Proof of one-year full-time employment, a completed Lenders Qualification Worksheet 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.
Please make sure 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.
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.
Household size must be 1 or 2 adults with 2 or more dependents.
Forms needed to enter the drawing:
Example cost break down for a purchase price of $313,895
|3.5% down payment (required)||$10,986|
|Principal & Interest Payment (estimated 5%)||$1,685|
|Property Tax (estimate)||$149|
|Total Estimated Monthly Payment||$2,119|
Please talk to a local lender about closing costs, interest rates, and available loan programs to suit
your financing needs. We recommend you choose a local lender.