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Attachment A <br /> First Mortgage Qualifying Summary <br /> <br /> F, XAMP~- 2 <br /> <br />Assuming a four person household with an annual income of $31,000 ($2,583 monthly). Thirty- <br />eight percent of the monthly income is $981, which is the amount that must be pledged to meet <br />the monthly housing costs. The following indicates the financial assistance that should be <br />expected from the City. <br /> <br />Purchase Price (3 bedroom unit) $124,402 <br /> <br />Buyer's Required 5% Down Payment <br /> and Estimated Closing Costs 7,800 <br /> <br /> Total to be f'manced with 1st and 2nd Loan-~ $118,182 <br /> <br />Buyers Annual Income 31,000 <br />Monthly amount available for housing costs (38% of monthly income) 981 <br />Insurances (70) <br />Property Taxes (130) <br /> Available for 1st Mortgage $781 <br /> <br />Estimated Maximum 1 st Mortgage Loan Monthly Loan Payment <br /> assuming a 7-3/8% (30) year f'uced loan for $118,182 815 <br /> <br />Amount of 1st Mortgage buyer can qualify for assuming 113,000 <br />$781 available. <br /> <br />Amount of City 2nd Mortgage Required ~;~.182 <br /> <br /> (sbrotcom. att) <br /> 2 August 30, 1993 <br /> <br /> <br />