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BMR Housing Purchase Program
Mortgage Qualifying Incomes*
|
Purchase Price |
Qualifying Income |
Cash Needed to Close |
Monthly Housing Costs |
| $50,000 | $23,000 | $3,650 | $753 |
| $100,000 | $34,000 | $7,100 | $1,137 |
| $150,000 | $46,000 | $10,550 | $1,522 |
| $200,000 | $57,000 | $14,000 | $1,906 |
| $250,000 | $69,000 | $17,450 | $2,291 |
| $300,000 | $80,000 | $20,900 | $2,676 |
| $350,000 | $92,000 | $24,350 | $3,060 |
| $400,000 | $103,000 | $27,800 | $3,445 |
This table is designed to give you an approximate idea of
what your expenses and income requirements would be to purchase a BMR
unit at the prices shown. The figures show estimated qualifying income,
cash needed to close the purchase transaction, and monthly housing
costs, and are based on the following assumptions: (1) a down payment
equal to 5% of the purchase price; (2) a 30-year fixed-rate mortgage at
6.625% interest; and (3) a 40% ratio of housing cost to gross income.
Loans may be available at interest rates that are above or below 6.00 %
and particular lenders may use higher or lower qualifying ratios. The
monthly housing costs shown include the mortgage payment, condominium
homeowners association (HOA) dues, and property taxes. Monthly HOA dues
are assumed to be $375. Actual HOA dues may be higher or lower than
$375. If you make a down payment of more than 5% of the purchase price,
monthly mortgage payments, and hence monthly housing costs, would be
lower than those shown. Qualifying incomes also would be lower with a
larger down payment.
*The BMR Housing Purchase Program rules specify only maximum income limits. The program does not have minimum income requirements. However, to be eligible to buy a BMR unit you must have sufficient income to qualify for mortgage financing from a commercial lender. Neither the City nor PAHC provides financing for the purchase of BMR units.
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