Agenda - 06-07-1993 - VIII-D - Laserfiche WebLink

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HOMEOWNERSHIP AFFORDABILITY ANALYSIS 4 TARGETED TO FAMILIES WITH INCOMES AT 60% MEDIAN Median Income 46,500.00 Number in Family I 41 Your income is 55.2 % of Median ****:*****************3********************;********************************************************************* 1 Cost of House I 80,2501 2 Buyer Contribution/Downpayment 500 3 Second Mortgage 15,000 4 Third Mortgage 0 7 First Mortgage Needed 64,750 8 Interest Rate 8.00% 9 Term 30 ears 10 Mortgage P+I 475 I 475 I 11 Plus Taxes/Insurance 114 114 12 Plus Private Mortgage Insurance 13 13 13 Plus Other Debt 250 0 14 Available for Total Debt 853 603 15 Divided by Debt/Income Ratios I 0.38 J I 0.33 I 16 Effective Monthly Income Needed 2,245 1,828 17 Less MCC (108) (108)1 18 Actual Monthly Income Needed 2,137 1,720 Annual Income Needed I 25,6451 1 20,636 1 ****:*****************;********************;********************************************************************* ESTIMATED CLOSING COSTS MONTHLY PAYMENT 19 Origination Fee 647.50 Principal + Interest 475.11 (1% of loan value) Taxes 85.33 20 No. of Discount Points 0.00 Insurance 29.17 (1% of loan per point) 0.00 Private Mortgage Insurance 13.49 21 Appraisal 275.00 Total Monthly Payment I 573.93 I 22 Credit Report 50.00 Loan—to—Value Ratio 23 Attorney 475.00 0.81 24 Title Insurance 129.50 ESTIMATED PREPAID EXPENSES ($2 per$1,000) Taxes(5 months) 426.66 25 Recording Fees 20.00 Insurance (14 months) 408.33 26 Survey 200.00 P.M.I. (14 months) 188.85 27 Tax Service Fee 50.00 Odd Days' Interest for 28 Termite Inspection 0.00 5 days 71.94 29 MCC Fee 275.00 TOTAL Prepaids 1095.79 30 Final Inspection (New) 50.00 ' TOTAL Closing Costs 2,172.00 CASH NEEDED AT CLOSING Estimated Closing Costs 2,172.00 Estimated Prepaid Expenses 1,095.79 Cash Needed to Close 3,267.79 Less OCHC Contribution (2,000.00) Borrower Pays 1,267.79 Plus Downpayment 500.00 Total Cash Needed I 1,767.79 i • DRAFT