199 East Pearl Unit 205 - Workforce Housing Unit
Sales Price: $224,459
Income Range: Workforce ownership unit - see eligibility requirements, below.
Occupancy Requirement: one or two people
Deadline to Apply: Tuesday, January 22, 2019 by 4:00 p.m. No late or incomplete entries will be accepted.
If you have questions about this, please call the office: 307.732.0867
We understand that our applications to enter into the weighted drawing take time and effort, and we do not want to disqualify you due to an oversight or misunderstanding about our process. Please bring your applications in prior to the due date so that we have time to work with you, make corrections, and give feedback if anything is wrong.
Calculation of income:
Household income is calculated 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.
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 will 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.
- 75% of the Households combined income must be earned in Teton County
- Household must live in the home 10 months out of each year
- Household may not own any residential real estate within 150 miles of Teton County
- At least one member of the Household must work a minimum of 30 hours per week (or a minimum of 1,560 hours per year) in Teton County for at least one year
Example cost break down for a purchase price of $224,459:
3.5% down payment (required)
Principal & Interest Payment (estimated 5%)
Property Tax (estimate)
HOA Dues - Newly updated from HOA
Total Estimated Monthly Payment
We recommend you speak to a local lender about all your financing options.