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Attachment A <br /> First Mortgage Qualifying Summary <br /> <br /> a~A'AMPL~ 1 <br /> <br />Assuming a four person household at the lower income limit of $39,700 or $3,308 monthly. <br />Thirty-eight percent of the monthly income is $1,257, which is the amount that must be pledged <br />to meet the monthly housing costs. The following indicates the f'mancial assistance that should <br />be 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 financed with 1st and 2nd Loans $118,182 <br /> <br />Buyers Annual Income 39,700 <br />Monthly amount available for housing costs 1,257 <br />Insurances (70) <br />Property Taxes (130) <br /> Available for 1st Mortgage $1,057 <br /> <br />Estimated Maximum 1st Mortgage Loan Monthly Loan Payment <br /> assuming a 7-3/8% (30) year fixed loan for $118,182 815 <br /> <br />Amount of 1st Mortgage buyer can <br /> qualify for based on the above housing costs 127,000 <br /> <br />Amount of City 2nd Mortgage Required $0 <br /> <br /> (sbrotcom.att) <br /> 1 August 30, 1993 <br /> <br /> <br />