PRICES, FINANCING AND LOT SELECTION
| Prices of Homes | Lot Prices & Lot Selection |
| Mortgages | Accessory Units |
| Community Annual Assessment | |
PRICES, FINANCING AND LOT SELECTION
| Prices of Homes | Lot Prices & Lot Selection |
| Mortgages | Accessory Units |
| Community Annual Assessment | |
Sales Price* Estimates
(Based on average lot price $130,000)
Prices of homes generally range from the lower $400,000s depending upon price fluctuations due to labor and materials.
Base House Includes:
Lot Prices include the cost of the lot, two (2) appurtenant parking spaces, associated Common Area, including infrastructure and the Common House (as per lot sales contract), proportionate cost of all design and development expenses, an allowance for common area and individual lot landscaping, and proportionate cost of project financing and carrying charges. Price variation is based upon added value as determined by an appraiser who related his evaluation to the following factors: driveway access; access to parking; view; size of the lot (lots range from 1/3 acre to 3/4 acre); and vegetation on or next to the lot. The average lot price is $130,000. Garages are permitted on a limited number of lots.
Some lots are still available! Contact the EcoVillage office for details.
*Note that lot and home prices are subject to change without notice.
Some Future Residents plan to have no mortgages or just very small ones, while others want to put as few dollars down as possible. In order to meet this array of financing demands, EcoVillage of Loudoun County, VA is currently working with two different lending institutions to develop mortgage financing alternatives for homebuyers. We anticipate that the lowest amount down will be 5% of the amount being financed. So for a $100,000 mortgage, the buyer would need to supply $5,000 in down payment. In addition closing costs can vary depending upon the number of "points" charged, the cost of title insurance, survey fees, etc. Homebuyers should be prepared to pay these costs.
To secure a lot and begin the construction process, there are a multitude of financing options to choose from. You can contact the following mortgage brokers for more information. They are prepared to help you determine the mortgage arrangement that best suits your needs.
Holly Hoopes, Sun Trust, 888-838-5726 (office), 703-409-2600 (cell), holly.hoopes@suntrust.com
Matthew Donnelly, CTX Mortgage Company, 703-771-8686 (office), 304-261-2077 (cell), matt.donnelly@ctxmort.com
Solveig Mortensen, Metropolitian Mortgage, 301-431-1222, 120 (office), 301-668-6444 (cell), vay61@homtail.com, 1717 Elton Road, Silver Spring MD 20903
Question: All the above sounds fine, but what if I want to pursue my own mortgage financing arrangements?
Certainly homebuyers are free to pursue their own mortgage financing arrangements, but because of the complexity of the project, doing so may require considerable effort. . Since the administrative time of the office staff is limited, homebuyers pursuing independent mortgage financing arrangements will have to do so without the assistance of EcoVillage of Loudoun County, VA office personnel.
Some Future Residents have expressed an interest in building two homes on one lot. Constructing a primary and an accessory dwelling on each lot is permitted under Loudoun County Zoning ordinances, but subject to these and other Loudoun County ordinances and approvals. Because of these restrictions, homebuyers interested in using this arrangement should consult an attorney for guidance in these matters. Some Future Residents have consulted an attorney. This attorney’s name, address and phone number is available from the EcoVillage of Loudoun County, VA office.
Question: Are special mortgage arrangements available for homeowners building two homes on a given lot?
Answer: Yes, mortgage products are available. Contact the office for details.
Future Residents have been working hard to develop an annual operating budget for the community. This budget will be supported by prorated monthly payments required from each household (one or two per lot). The current annual assessment estimate is $1,200 per year; so monthly payments, if this figure proves to be correct, will be $100 per month. Expenses associated with this assessment are for common house costs, certain facility maintenance costs -- including preventive maintenance, bookkeeping, the Association’s annual audit, taxes on common land, road and pedestrian path maintenance, and a Capital Reserve Fund.