Step 1
Pine River Commons Registration
The first step to secure your new townhome at Pine River Commons involves submitting a formal Application. Shortly after submitting your completed Application, Pine River Commons will be in touch with pertinent information regarding the next step.
Step 2
Get Prequalified
At Pine River Commons, we understand the concerns about mortgage qualification, especially if this is your first home purchase. Our dedicated team of Lending Professionals is here to guide you through the prequalification process—a no-obligation, empowering step. Even if you’re unsure, getting prequalified helps you understand your options, ensuring a smoother path to securing a mortgage for your new home.
Step 3
HomesFund Approval
The next crucial step towards homeownership at Pine River Commons involves HomesFund Approval. This step, initiated at your convenience, involves meeting Deed Restrictions. Contacting the Homes Fund also opens doors to new homeowner education and eligibility review of down payment assistance. Once completed, you will receive a Certification Letter from HomesFund.
Step 4
Reservation Agreement and Deposit
Completing a Reservation Agreement and Deposit marks the pivotal step formalizing your intent to own at Pine River Commons. Your refundable Deposit, held at the Title Company, becomes part of your Down Payment at closing. This step secures your place in the closing queue on a first-come, first-served basis, ensuring your spot for your new townhome.
Frequently Asked Questions
Here is a link to the Draft CC+R’s.
The residential units in Pine River Commons are deed restricted because they are being sold at less than market value. The purpose of the deed restriction is to make sure the units remain affordable indefinitely. Upon purchase, the buyer will need to sign the deed restriction document. The deed restriction manager (DRM) will be HomesFund on behalf of The Town of Bayfield.
Below is a summary of the Deed Restrictions:
- Term: 30 years ensuring long-term affordability.
- Buyer’s AMI: Limited to 140%, prioritizing affordability.
- Primary Residence: Buyer must occupy the unit.
- No Renting: Units cannot be rented out.
- DRM Fee: $100/year managed by The Town of Bayfield and HomesFund.
- Capital Improvements: Post-purchase improvements need DRM approval.
- Resale Price: Limited to 3.5% increase/year + approved capital improvements.
- Resale: Can only sell to Qualified Buyers for ongoing affordability.
Yes!
Pine River Commons is partnering with the HomesFund to provide funding to Buyers who meet down payment assistance requirements.
Featured Lending Partner
Judy, Mike, and Anita
"The Malone Team"
Vice Presidents, Loan Officers
NMLS #449953, NMLS #449954, NMLS #1449861
Mortgage Calculator
Featured Lending Partner
Wade Slingerland
Bank of Colorado
Senior Mortgage Loan Officer
NMLS #1419534
secure your home
