INVESTIGATE MORTGAGE PRE-APPROVAL
A mortgage pre-approval from a bank must be submitted with the Lottery Application. Click here for a list of lenders who are well informed about the Sachem’s Path project to make an appointment.
UNDERSTAND YOUR CREDIT SCORE AND DOWN PAYMENT AVAILABLE
Credit Scores: Although we cannot tell you specifically what Credit Score will be required by your banks for a specific mortgage, banks generally require a Credit Score between 620 and up for most mortgage products. You can find your credit scores by CREDITKARMA.COM
Down Payment: The percentage required for the down payment will be determined by the mortgage product you choose 3% down will be the minimum required.
WHAT RESTRICTIONS EXIST WHEN BUYING AT SACHEM’S PATH?
Resale Price: The purpose of the restriction is to ensure that homes will remain affordable in perpetuity. The home prices at Sachem’s Path are lower than those on the open market for the purpose of making them affordable; the Covenant/Mortgage that is recorded along with the deed is the document that will ensure that the homes will remain affordable in perpetuity. The Monitoring Agent for Sachem’s Path is Nantucket Housing. When an owner decides to sell their home they will work with Housing Nantucket to ensure that the proper protocols are met.
Principal Residence: The restriction requires that these homes must be the principal residence for all owners.