Ownership Lottery Information

I’ve received an “Invitation to Move Forward”, what should I do?

- Make sure to respond with your interest (or lack thereof).

- Keep an eye out for communications from the project, and make sure to respond in a timely manner.

- Pay attention to deadlines and ask any questions as soon as possible.

- Start compiling the required documentation.

- Reach out to a Lender to get a Pre-Approval Letter for a Mortgage (this will also require providing financial documentation).

- Attend an open house for the property – Open Houses will be held Wednesday, February 12th at 6pm and Saturday, February 15th at 11am.

- Check out the Boston Home Center’s Financial Assistance Program for Homebuyers

SUPPORTING DOCUMENTATION CHECKLIST (these documents will need to be provided in order to verify income information and eligibility for the unit):

o Mortgage Pre-Approval Letter (see link for list of One + Mortgage Lenders)

o Covenant Disclosure Forms (will be provided)

Financial Documents (Please submit copies of the following for all household members 18 years of age or older that intend to occupy the unit):

o Copy of last 3 years signed Federal Tax Returns with all schedules

o Copy of the last 3 years W-2 forms

o Pay stubs for the last 3 months

o If self-employed, a year-to-date Profit and Loss Statement (a template can be provided)

o Proof of income from all other sources such as Social Security Award Letter, Unemployment Compensation, Pension, etc.

o 3 current months asset statements from all Financial Institutions, including banks, 401ks, stocks, bonds, credit unions, etc.

o Copy of School Transcripts for full-time students over 18 years of age.

o No Income Affidavit (https://bit.ly/noincomeaffidavit) for those who are 18 years of age or older and currently unemployed (including students).

o Explanation for large deposits on bank accounts ($300 and above or recurring deposits) - this statement document should include the applicant's signature along with the date. A Word document or hand written statement is sufficient.

o Explanation on additional folks listed on bank accounts - this statement should include the applicant's signature, date and stating if the person listed will/will not occupy the property. If the additional person will occupy the property, we would need the required supporting documents for that additional person as well.

o 2024 W2s even if taxes have not been filed. If taxes filed, 2024 Federal Tax Forms to include all Schedules should also be provided.

If applicable to you, please provide:

o Documentation of Boston residency (i.e., such as a lease or utility bill).

o Documentation of Artist Certification (Artist Certificate letter from Mayor’s Office of Arts & Culture, or, if still valid, a letter from the BPDA.)

o Documentation for Disability Preference (Supporting documentation from a licensed health professional treating the household member for the disability.)

o Copy of Homebuyer 101 Certificate CHAPA approved provider (available at www.chapa.org). Please note that homebuyers will need to complete an approved homebuyer education course prior to closing.

o No Child Support Affidavit (https://bit.ly/nochildsupport) for any household member under the age of 18 years old for whom the applicant or co-applicant is not receiving child support

o Conflict of Interest form if you are a City of Boston employee (form can be provided)

If the initial documentation is approved and you are still eligible to proceed, there are additional documents that will need to be provided at closing:·

o HB101 Certificate for the applicant and co-applicant (if has not been provided with the initial application supporting documents)·

o Executed Affidavit of Eligibility Disclosure Form

o Executed Purchase and Sale Agreement

o 1003

o 1008

o Loan Estimate

o Commitment Letter

o Draft/Final CD

OTHER RESOURCES:

One + Mortgage Lenders

https://www.mhp.net/one-mortgage/homebuyer-resources/find-a-lender

Financial Assistance for Homebuyers