4163 Melody Ranch Drive
This ad was for a weighted drawing, the home is now being offered first come first served. Please click the following link for full details http://www.jhaffordablehousing.org/2390/4163-Melody-Ranch-Drive
About the unit: This is a Workforce Ownership home that does not have an appreciation cap. Households are not required to have a completed Intake Form prior to the start of the drawing period, but will be required to complete one to enter the drawing.
Please note: This home, unlike all other Workforce Restricted homes, does not have an appreciation cap. That means that when the owner of the home is ready to sell the home, they may set their own asking price. The Housing Department is tasked with facilitating the sale of this home. This includes listing the home, conducting a drawing for the home, and qualifying the buyer.
Please reach out to our team if you have questions about this listing. As stated above, this is the ONLY Workforce home without an appreciation cap, so it's a unique situation for both potential buyers and our team.
4163 Melody Ranch Drive - Please read this listing carefully. This is the ONLY Workforce home in our program that does not have an appreciation cap. We require an appreciation cap on all new Workforce and Affordable homes.
- This listing includes a main house and an accessory unit (apartment)
- The main house includes:
- 5-bedrooms, 3.5-bathroomss with a 2 car garage.
- Oven, Cooktop, Refrigerator, Dishwasher Microwave, Washer and Dryer
- The efficiency apartment includes: 1-bedroom, 1-bathroom, with Range and Refrigerator. Please note that the Melody Ranch HOA will not allow the rental of this apartment.
- 2,918 total square feet (not including garage. Information obtained from seller)
- The main house includes:
- Home price - $1,950,000. The sale price for this unit was set by the Seller. Please not that loan amounts over $822,375 constitute a Jumbo Loan. These loans have different guidelines than the normal conventional loan and the loan terms will be determined based on the buyer. Interested buyers should discuss their options with a lender. A Lenders Qualification Sheet that includes the loan terms is required to enter the drawing for this home.
- Pets allowed
- Income Range: Workforce Ownership unit - see eligibility requirements, below.
- No minimum Occupancy requirements
- Housing Department Rules & Regulations, Section 4: Weighted Drawing.
- Deadline to Apply: Tuesday October 19th by 4:00 p.m. No late or incomplete entries will be allowed, no exceptions. If selected first for this unit you will be notified by phone. All others will be sent an email notice.
- All forms needed to enter this weighted drawing are here, under "Ownership - Weighted Drawing Entry Forms". These include a completed Lender's Qualification Worksheet , (all households who wish to enter the drawing for this unit must submit a Lender's Qualification Worksheet, or have on file, a Lender Qualification Worksheet stating they qualify for a loan amount that will cover the cost of the home), a current credit report, completed Home Buyer Education Class certificate, Weighted Drawing Entry sheet, and current and past work affidavits.
- Special Restriction
Weighted Drawing Entry Eligibility Highlights:
- At least one adult in the household must be employed full-time in Teton County for a minimum of one year. The Housing Department defines full-time employment as working a minimum of 1,560 hours per year (30 hours/week average).
- 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.
- There are no income or asset limits for this home.
- 75% of the Household’s combined income must be earned working for a business located 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.
- You must have 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 of these documents 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. Homebuyer Education Link
- 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.
- Please click here for information for Critical Service Providers (CSPs).
Calculation of Income
Household income is 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.
Self-Employment Income Calculation Policy:
- Gross income is used minus cost of goods sold (not cost of goods in inventory – that is an exempt asset).
- Equipment, vehicles, furniture, fixtures, etc. are already exempt from being counted as assets so they are not allowed to also be deducted from income.
Businesses that do not have 2 full prior years of income:
- Use the tax returns to get gross income earned in the first year of business minus cost of goods sold (if taxes have not been paid, use the Profit and Loss for that year to get gross income minus cost of goods sold). Divide by the number of months the business was operating during that year. Multiply by 12 to get one year of income for the first year.
- If the business has a full year of income in the second year of operation, use the tax returns to get gross income minus cost of goods sold. This will be the income for the second year.
- If there is no income for the current year. Average the first and second years.
- If there is income for the current year, use the Year to Date (YTD) Profit and Loss to get gross income minus cost of goods sold. Divide by the number of months to date in the current year. Multiply by 12 to get one year of income for the current year.
- Average the current year with the past year(s).
- If there is only the current year, use the current year number.
Businesses that have 2 full prior years of income:
- Use tax returns for each of the 2 prior years.
- Take the gross income minus cost of goods sold for each year.
- Use the YTD Profit and Loss for the current year. Take the gross income minus cost of goods sold. Divide by the number of months to date in the current year. Multiply by 12 to get one year of income for the current year.
- Average the current year with the 2 prior years.
- If there is no income for the current year, do number 1 for 3 prior years and average the 3 prior years.
- If the third prior year is the first year the business was operating, use the tax returns to get gross income minus cost of goods sold. Divide by the number of months the business was operating in that year. Multiply by 12 to get one full year for the first year in business.
- Use the steps above to get average monthly income.
- Multiply by 12 to get one full ear of income.
Monthly Estimated costs associated with purchase:
- Property Tax - $926
- Insurance - $200
- HOA Fees - $65
We understand that our applications to enter 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.
"It is recommended that you speak to a local lender about all your financing options. Please be aware that due to demand, most lenders need a minimum of 48 hours to provide a completed Lenders Qualification sheet."