|This property may be purchased with a Down Payment of $ 25,000|
|Home Purchase :||$ 100,000|
|Down Payment (25.0 %)||$ 25,000|
|First Mortgage Amount||$ 75,000|
|Mortgage Payment||$ 382|
|Property Taxes||$ 0|
|Condo Fees||$ 0|
|Other Costs||$ 0|
|Total Monthly Payment||$ 382|
|Household Income Required||$ 14,341|
NOTESThe maximum Gross and Total Debt Service Ratios (GDSR and TDSR) are usually 32% and 40% respectively. The calculation assumes the total of all non shelter financial obligations will not exceed $ 1,147, or an additional 8% of the required household income. A conventional financing calculation should incorporate 75% mortgage up to 400,000 of value and 65% thereafter to determine the required down payment. This underwriting practice varies between financial institutions - contact your lender for full details.
The the GDSR considers only 1/2 of the input condo fees ($ 0) for underwriting purposes. Property taxes are gross amounts, but can be re input net of grants or subsidies if applicable.
The minimum loan term is set at six months. The greater of the current three year posted mortgage rate or the actual contract rate may be used to qualify the borrower. Borrowers may be required to demonstrate their aility to cover closing costs equal to at least $ 1,500, or 1.5% of the $ 100,000 purchase price.
The Household Income Required of $ 14,341 is the minimum amount of Gross Income to qualify for a total mortgage of $ 75,000 under generally accepted underwriting guidelines (see GDSR and TDSR above). To determine qualifying sources of income, contact your lender. Individual lender policies may vary.
For more information contact your financial institution. Individual lender policies may vary.