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Attachment A <br /> First Mortgage Qualifying Summary <br /> <br /> RIAMPLR 3 <br /> <br />Assuming a two person household with an annual income of $20,000 ($1,667 monthly). Thirty- <br />eight percent of the monthly income is $633, which is the amount that must be pledged to meet <br />the monthly housing costs. The following indicates that the buyer would not qualify due to lack <br />of adequate annual income. <br /> <br />Purchase Price ( 2 bedroom unit) $99,902 <br /> <br />Buyer' s Required 5 % Down Payment <br /> and Estimated Closing Costs 6,500 <br /> <br /> Total to be financed with 1st and 2rid Loans $93,402 <br /> <br />Buyers Annual Income 20,000 <br />Monthly amount available for housing costs 633 <br />Monthly Insurances (60) <br />Monthly Property Taxes (120) <br />Monthly Available for 1st Mortgage $453 <br /> <br />Estimated Maximum 1st Mortgage Loan Monthly Loan Payment <br /> assuming a 7-3/8% (30) year fixed loan 649 <br /> <br />Amount of 1st Mortgage buyer can qualify for based 65,000 <br /> on above housing costs <br /> <br />Maximum City 2nd Mortgage Available $9.902 <br /> <br />Total Financing Required $99,902 <br /> <br />Total Financing Available - <br /> First Mortgage ($65,000) <br /> 2rid Mortgage (9,902) <br /> Down Payment (4,995) <br /> Shortfall $20,005 <br /> <br /> (sbrotcom.att) <br /> 3 August 30, 1993 <br /> <br /> <br />