Everyone Talks About
Workforce Housing |
WE BUILD IT! |
For More Information Call: (561) 833-5165 |
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MERRYPLACE FREQUENTLY ASKED QUESTIONS |
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| 1. | Why should I buy a condo instead of single family home? |
| A condominium owner is a “homeowner” just like anyone else and condominium ownership carries with it the same benefits of homeownership, such as income tax deductions. Many people are attracted to condominium ownership as the responsibilities of maintaining and caring for a home are taken care of by a professional maintenance company hired by the Condo Association. Professional maintenance keeps costs minimal and allows condominium owners to live "care-free." Condominium living can also provide an instant sense of “community.” | |
| 2. | How much down payment money will I need to buy a home? |
| Down payment requirements can vary greatly depending on your credit profile and the loan amount. You may be able to qualify for programs that require minimal down payment. | |
| 3. | Will you give assistance in getting a mortgage? |
| All prospective homebuyers will be provided with a list of several mortgage companies that have shown interest in providing mortgages to prospective homeowners at MerryPlace. | |
| 4. | Will you help first-time homebuyers get down-payment assistance? |
| Yes, we have certified housing counselors who can assist prospective buyers in applying for down payment assistance. | |
| 5. | How much is the condominium association fee? |
| The condominium association fee will vary according to the size and type of unit. A schedule of fees will be provided to all persons considering the purchase of a home at MerryPlace. | |
| 6. | Who will take care of maintenance of the condos? |
| The Condominium Association takes care of the maintenance of exterior of the condominium property and the common areas on behalf of the owners. The owner pays a condominium fee, which covers general repairs and maintenance. | |
| 7. | Are there any special programs or preferences specifically addressing the elderly, disabled and Vietnam veterans? |
| No, there are no special programs or preferences for the elderly, disabled or veterans seeking to buy a home in MerryPlace. However, lenders may offer such a program. | |
| 8. | Do I need homeowner’s insurance? |
| The condo association will maintain a master insurance policy. This policy will cover the outside of the building's structure, including the roof and common areas. The master policy does not insure the inside of your unit or any of your personal belongings. Owners may opt to purchase insurance to cover any the interior of their unit, personal belongings and personal liability. | |
| 9. | Who will be responsible for the landscaping and the outside perimeters of the condos? |
| The Condominium Association takes care of the maintenance of exterior of the condominium property and the common areas on behalf of the owners. The condominium fee will cover landscaping, irrigation and maintenance of the outside perimeters of the condos. | |
| 10. | What are the steps to buy a condo? |
| The typical steps to purchasing a condominium include the following • Loan preapproval • Find the condominium unit you want • Apply for the loan • Sign sales contract and place money in escrow • Completing sales contract conditions, including conducting inspections • Complete loan processing • Closing |
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| 11. | How much income do I need to qualify to purchase a unit? |
| Homeownership opportunities in MerryPlace are available to those persons who earn 140% of the Area Median Income or below. The amount of income needed to qualify to purchase a unit will depend on the type of unit requested and the resulting loan amount needed. | |
| 12. | How much money will I need to reserve a unit? |
| An escrow deposit will be required upon execution of a purchase and sale agreement. Buyers who purchase during the pre-sale period, are eligible to sign a contract with a minimum deposit of $1000. | |
| 13. | Are the units limited to only certain type of people or is it open to everybody? |
| MerryPlace is a “workforce” housing community available to persons who earn 140% of the Area Median Income or below. | |
| 14. | What is a green building? |
| “Green” building is the term used to describe building practices that are more efficient and more environmentally friendly than conventional methods. For a complete description of the many benefits of green building, clink on the link “What it Means to Be Green.” | |
| 15. | When will the units be ready for occupancy? |
| MerryPlace families will begin moving in during the Fall of 2007, the first condominium units will be ready to occupy in Spring 2008. By the end of 2008, all of the homes will be occupied. | |
| 16. | Where exactly is the location of the development? |
| Please click on the link “Location Map” to see our great ‘close to everything’ location! | |