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Attachment A <br />First Mortgage Qualifying Summary <br /> <br />O~tion I <br /> <br />Assuming a four person household at 120% of the median income, the annual salary limit would <br />be $56,150 or $4,676 monthly. Thirty-three percent of the monthly income is $1,543, which <br />is the amount that must be pledged to meet the monthly housing costs. The households total <br />debt could not for such things as car payments, credit loans, etc., could not exceed 38% or <br />$1,777. The following indicates the financial assistance that should be expected from the City. <br /> <br />Purchase Price <br />Marketing and Closing Costs <br /> Total <br /> <br />Buyer's 5 % Down Payment <br /> <br />Total to be financed with 1st and 2nd Loans <br /> <br />Monthly amount available for housing costs <br />Insurances <br />Property Taxes <br />Homeowners Association Fees <br /> Available for 1st Mortgage <br /> <br />Maximum 1st Mortgage Loan Amount <br />assuming a 8 % loan <br /> <br />Amount of City 2nd Mortgage Required <br /> <br />$176,000 <br /> 7,$18 <br /> <br />$8,800 <br /> <br />$1,543 <br /> (60) <br /> (183) <br /> (120~ <br />$1,180 <br /> <br />$183,818 <br /> <br />$175,018 <br /> <br />$160,000 <br />$ 15~018 <br /> <br />A-1 <br /> <br /> <br />