Start planning now for the Phase 3 Launch this summer!
Plan for Phase 3! Lincoln Park has 32 new homeowners that include nearly 26 kids and almost as many dogs! People just like you who want to live, work and play in the mountains. We are proud to call coaches, business owners, real estate brokers, ski patrol and instructors, managers and stay-at-home moms our neighbors.
The Phase 3 & 4 Launch Party is scheduled for Thursday, July 27th!
We can’t wait for summer to enjoy the views from the front porches, hear the babbling creek in the distance as the kids roll their scooters and bikes down the fresh asphalt. And any beverage tastes better as you watch the sunset over the mountains …
But before that happens, we have a little work to do. I thought it might be super helpful to address a few of the common questions I am asked by Buyers.
“When can we put an offer in on a house in Phase 3 of Lincoln Park?”
Be sure you are on the Lincoln Park Interest List! (see the contact form at the bottom of the homepage) Those buyers on the interest list will receive emails on the latest information, news and updates. At the Phase 3 Launch Party, we will release the final prices, floor plans and upgrades. At the launch party, you can sign up to write a contract on a Phase 3 home at the Launch Party, but be sure to have your Lender and SCHA approvals.
“How can we be ready for the Lincoln Park Phase 3 Launch?”
Another good question, I would suggest you start planning your strategy. Do you have a home to sell? How much downpayment will you need? Do you have good credit? Think about getting started on approvals and qualifications now to be ready for the Lincoln Park Phase 3 Launch.
1) Pre-qualification Letter from Lender: Homebuyers must have a pre-approval letter from a local lender including principal rate, type, terms and PITI payment.
2) Application & Approval from the Summit Combined Housing Authority (SCHA):
START YOUR APPROVALS NOW! The SCHA can start the approvals and Income qualification process for the Deed Restricted Phase 3 buyers now. Plan on a couple of weeks to obtain approvals. It can take longer based on volume levels. A home buyer interested in purchasing a Deed Restricted home must go through a qualification process (which may include income qualification) before the Lincoln Park Launch Party.
a) Income qualifying applies to homebuyers purchasing a home in 80% & 100% AMI Categories (Triplex, Double Homes & Small Single Family). Applications are available at the Lincoln Park or on the SCHA Website.
b) Homebuyers purchasing a home in 120% AMI Category are NOT Subject to Income qualifying. An Employment Affidavit will be verified by the SCHA. Employment affidavits are available at the Lincoln Park.Summit Combined Housing Authority: Contact Vicki Lewis firstname.lastname@example.org at or call 970.423.7044 / Joy Klein – email email@example.com or Call 970.423. 7041
3) Writing a Sales Contract: Buyers must receive both approvals above prior to writing a Sales Contract on a Deed Restricted home.
4) Homebuyer Education: Optional: (Only Required for Down Payment Assistance) The SCHA offers HomeBuyer Orientation Classes once a month at the Buffalo Mountain Room at the Frisco County Commons Building. Contact the SCHA for a full schedule of classes.
“What is the process for deed restricted homes? Is it a lottery?”
At the Launch Party on July 27th, Courtney will have a schedule of times available for buyers to sign up to write contracts on Phase 3 & 4 homes (Deed Restricted and Market) for the next 7 business days. Contracts will be accepted until 4 pm on the 7th day and then will be present to The Team for review the following week for final acceptance. (buyers must have Lender and SCHA approvals to write a contract)
With every contract, a buyer will fill out a “Buyer’s Worksheet.” The worksheet asks for information such as but not limited too, where do you work? what is your job? how long had you worked there? It also asks for your top 3 home choices and where you live currently.
If multiple offers are submitted on a home then the worksheet will come into play. The information on the worksheet will be weighed and the buyer who is most qualified will get the first option on the home. If the qualified buyers do not get their first choice, then we will do our best to get them into their 2nd or 3rd choice. If there are any homes not sold during the initial process, those homes will be made available to buyers who did not get homes.
View/ Download a copy of the GENERAL Deed Restricted and Market Contract to Buy. (contract will be customized for each home) : Lincoln Park Contract to Buy Real Estate 127-2017
We look forward to seeing you on Thursday, July 27th!
Please contact Courtney@lincolnparkbreck.com or 970.418.4900 if you have any questions on this information.