No Longer Available

Photo of 302 Stone Brook Place, Dover DE
302 Stone Brook Place
Dover, DE 19904
Bedrooms
2
Full Baths
1
Partial Baths
1
Acres
2,548.28
Interior Sq Ft
1,120
Age
39
Heating
Electric
Cooling
Central A/C
Water
Public
Sewer
Public
Garages
0
Taxes (2022)
1,335
Lot Lease
$40 Monthly
Additional Details Below

Description

Must conform to Diamond State Community Land Trust model Ownership is leasehold the process below can take as little as one week to complete but is not guaranteed: 1. Applicants are referred to Diamond State, CLT for pre-qualification & orientation. 2. An application must be submitted along with the following documents: a. Last 2 years tax returns, w2’s & 1099’s b. Last 3 months pay stubs and proof of all other income for any member in the household over the age of 18. c. Most recent credit report d. Photo ID e. Last 2 months checking, saving, and all other asset statements f. This application will confirm the homeowner meets the criteria of the home – their household income is lower than the AMI restricted for the home and their estimated monthly mortgage payment will not exceed 30% of their monthly household income 3. If applicants are pre-approved for a mortgage, they must confirm their lender has a product that works alongside land lease agreements. If not, Diamond State, CLT will refer the applicant to a lender who does. 4. Applicants are required to complete a HUD approved First Time Homebuyer course and be able to provide a certificate of completion. 5. Applicants will have to meet with a homeownership counselor for referral for the home. 6. Applicants will sign a sales contract and proceed with the traditional process of purchasing their home. 7. The lease to the land is inheritable to the same person who is assigned as heir to the home. *IMPORTANT THINGS TO REMEMBER* 1. While the home is listed, we operate on a first come, first serve basis. 2. We encourage anyone who is interested in a CLT home to submit an application and attend an orientation. CLT homeownership might not be something they are interested in right now, but may be in the future. If they are in our pipeline, they will be among the initial contacts in the future when more homes become available – but cannot be added to the pipeline if they have not completed an orientation or submitted an application. 3. There is a resale formula in the lease agreement. THIS LIMITS THE AMOUNT THE BUYER CAN SELL FOR IN THE FUTURE. However, we explain this aspect in two ways – 1. Equity earned will be proportional to the percentage of the value they purchase for. While Diamond State owns the land, this does not mean the value the homeowner purchases the exact value of the home, only. 2. Some households benefit from having the security of homeownership and low monthly mortgage payments on a daily basis. Diamond State, CLT recognizes this as an opportunity for families to have options that are otherwise unavailable with the cost of rent and higher mortgage payments. 4. Once the home is sold, the buyer will never owe money to the CLT. 5. There is a monthly $40 lease fee. While this fee could increase according to the lease agreement, this has not happened in since the CLT started in 2006. 6. HOMEOWNER’S ARE ABLE TO ENJOY THEIR PROPERTY AS IF IT WERE THEIR OWN. Diamond State, CLT only requires permission to make structural changes to the home or additions to the property, i.e. adding a deck, shed, pool, etc. This is only because we have to ensure the proper municipal requirements are being upheld AND to ensure the homeowner is aware of how these changes can have a positive or negative impact on the home. It is possible that significant structural changes can be denied – i.e. adding square footage to the home, removing walls that would decrease the number of bedrooms, etc.

Room sizes

Dining Room
x   Main Level
Kitchen
x   Main Level
Family Room
x   Main Level
Full Bath
x   Upper Level
Bedroom 1
x   Upper Level
Bedroom 2
x   Upper Level
Half Bath
x   Main Level
Basement
x   Lower Level

Location

Listing Details

Interior Features
Flooring

Carpet, Vinyl

Basement

Full, Concrete Perimeter

Interior Features

Carpet, Combination Dining/Living, Laundry: Basement

Appliances

Dishwasher, Disposal, Dryer - Electric, Oven/Range - Electric, Washer, Water Heater

Rooms List

Dining Room, Bedroom 2, Kitchen, Family Room, Basement, Bedroom 1, Full Bath, Half Bath

Exterior Features
Roofing

Shingle

Exterior Features

Vinyl Siding, Aluminum Siding

Utilities
Cooling

Central A/C, Electric

Heating

Heat Pump - Electric BackUp, Electric

Hot Water

Electric

Sewer

Public Sewer

Water

Public

Property History

Date
Change
Price

Miscellaneous

Assessment : 30,700
Zoning: Rg3
Lattitude : 39.161957
Longitude : -75.557243
MLS# : DEKT2021576
Views : 49
Listing Courtesy: Thomas Horne of RE/MAX 1st Choice - Middletown

Notes

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