congratulations on successfully completing your...

Colony Reserve proudly offers the Cypress Model to our Workforce Housing buyers. The Cypress is a spacious 2-bedroom/2.5 bathrooms townhouse with a 1-car garage. Congratulations on successfully completing your WFH Orientation! If Colony Reserve is your choice of community, the next steps in the process are: • Determine your Mortgage Eligibility: Contact Colony Reserve’s Preferred Lender – VanDyk Mortgage Corporation at (954) 560-2885, ask for Thecia Maurone-Toth. Thecia will review with you your eligibility and provide you with the necessary documents for you to secure your Palm Beach County WFH Certificate and Assistance Award Letter. • Secure your WFH Certificate and Assistance Award Letter by Palm Beach County: To become income certified for this program, contact the Department of Housing and Economic Sustainability (DHES) at (561) 233-3600 to receive an intake appointment and then your Certificate and Assistance Award Letter. • Qualification: Once your Certificate and Award Letter have been issued, it will be time for you to secure your 1 st Mortgage Pre-Approval from VanDyk Mortgage. • Financing and Purchase: Once your pre-approval for 1 st mortgage is secured, it will be time to purchase your new home. Visit the Colony Reserve sales office in order to choose your homesite lot, enter into a contract and provide the builder with your earnest contract deposit of 3.5% of the home’s sales price. Please note that WFH available homes are on a first-come, first-served basis. The income qualifications are as follows: 2018 WHP Income Ranges: $74,300 (AMI) – 2018 PBC Median Family Income (per HUD) Income Category WHP Household Income Range Cypress Model Price Sales Contract Deposit Required Low (60%-80% of AMI) $44,480 - $59,440 * $156,030.00 $5,461.10 Moderate I (>80% - 100% of AMI) > $59,440 - $74,300 * $200,610.00 $7,021.40 * The income ranges are based on Household size. Compliance. All Workforce Housing units must be purchased as a primary residence and remain affordable for 15 years. If the property is sold before the 15-year restriction, the subsequent purchaser will be required to sign a new Deed restriction for a new 15-year term and must be certified by Palm Beach County as an eligible WFH buyer. Resale. New sale prices will be established each year to guarantee affordability. Prior to selling the home, you must verify the current established price by the DHES. If you secured County financial assistance with a 2 nd Mortgage, please note that these monies must be paid back to the County in full upon the sale of the WFH unit. For general information on the income qualification process, please contact (561) 233-3600 or go on the web at www.pbcgov.com/HCD. WFH Homes Are Consumer Offering Only. No Broker/Realtor Participation.

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Page 1: Congratulations on successfully completing your …colonyreserve.com/wp-content/uploads/2018/08/Colony...Colony Reserve proudly offers the Cypress Model to our Workforce Housing buyers

ColonyReserveproudlyofferstheCypressModeltoourWorkforceHousingbuyers.TheCypressisaspacious2-bedroom/2.5bathroomstownhousewitha1-cargarage.

CongratulationsonsuccessfullycompletingyourWFHOrientation!

IfColonyReserveisyourchoiceofcommunity,thenextstepsintheprocessare:

• DetermineyourMortgageEligibility:ContactColonyReserve’sPreferredLender–VanDykMortgageCorporation at (954) 560-2885, ask for Thecia Maurone-Toth. Thecia will review with you youreligibilityandprovideyouwith thenecessarydocuments foryou tosecureyourPalmBeachCountyWFHCertificateandAssistanceAwardLetter.

• SecureyourWFHCertificateandAssistanceAwardLetterbyPalmBeachCounty:Tobecomeincomecertifiedforthisprogram,contact theDepartmentofHousingandEconomicSustainability (DHES)at (561)233-3600toreceiveanintakeappointmentandthenyourCertificateandAssistanceAwardLetter.

• Qualification:Once your Certificate and Award Letter have been issued, it will be time for you tosecureyour1stMortgagePre-ApprovalfromVanDykMortgage.

• Financing and Purchase: Once your pre-approval for 1st mortgage is secured, it will be time topurchaseyournewhome.VisittheColonyReservesalesofficeinordertochooseyourhomesitelot,enterintoacontractandprovidethebuilderwithyourearnestcontractdepositof3.5%ofthehome’ssalesprice.PleasenotethatWFHavailablehomesareonafirst-come,first-servedbasis.

Theincomequalificationsareasfollows:

2018WHPIncomeRanges:$74,300(AMI)–2018PBCMedianFamilyIncome(perHUD)

IncomeCategory WHPHouseholdIncomeRange

CypressModelPrice

SalesContractDepositRequired

Low(60%-80%ofAMI)

$44,480-$59,440*

$156,030.00

$5,461.10Moderate I (>80% - 100% ofAMI)

>$59,440-$74,300* $200,610.00 $7,021.40

*TheincomerangesarebasedonHouseholdsize.

Compliance.AllWorkforceHousingunitsmustbepurchasedasaprimaryresidenceandremainaffordablefor15years. Iftheproperty issoldbeforethe15-yearrestriction,thesubsequentpurchaserwillberequiredtosignanewDeedrestrictionforanew15-yeartermandmustbecertifiedbyPalmBeachCountyasaneligibleWFHbuyer.

Resale.Newsalepriceswillbeestablishedeachyeartoguaranteeaffordability.Priortosellingthehome,youmustverify thecurrentestablishedpriceby theDHES. IfyousecuredCounty financialassistancewitha2ndMortgage,pleasenotethatthesemoniesmustbepaidbacktotheCounty infulluponthesaleoftheWFHunit.

Forgeneralinformationontheincomequalificationprocess,pleasecontact(561)233-3600orgoonthewebatwww.pbcgov.com/HCD.

WFHHomesAreConsumerOfferingOnly.NoBroker/RealtorParticipation.

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