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| Breakdown of Costs |
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|
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|
Property
|
Three Family Home
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|
FHA Loan**
|
|
|
Purchase Price
|
$99,000
|
|
Rate
|
6.875%
|
|
Points
|
1%
|
|
Down Payment
|
2.3%
|
|
|
|
|
Maximum Loan Amount
|
$99,800
|
|
( figures based on
|
|
|
Maximum Loan Amount)
|
|
|
|
|
|
Mortgage Payment
|
|
|
Principal & Interest
|
$656
|
|
Mortgage Insurance
|
$41
|
|
Property Tax
|
$201
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|
Hazard Insurance
|
$29
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|
Total Monthly Payment
|
$927
|
|
Less Rental of Two Floors
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-$1,000***
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Total
|
+$73
|
|
|
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Cash Required to Close
|
|
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Down payment
|
$2,250
|
|
Estimated Closing Cost
|
$2,077
|
|
Prepaid Escrow Amount
|
$2,063
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|
-----------------------------
|
---------
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Cash Required at Closing
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$6,391
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|
Less
|
|
|
Elmhurst Home Ownership
|
-$3000
|
|
Program Grant
|
|
|
RIH Grant
|
-$1,000
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|
Providence Plan Grant
|
|
|
(up to $2,500)
|
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Recoverable upon sale
|
-$2,500
|
|
|
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|
Total Cash Required to Close
|
$0
|
* Figures provided by Rhode Island Housing
** Lower down payment required.
*** 85% used toward lender qualification.
|
Property
|
Single-Family Home
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|
Annual Income
|
$25,922
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|
RIH Conventional Loan
|
|
|
Purchase Price
|
$71,036*
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|
Rate
|
5.875%
|
|
Down Payment
|
5%
|
|
|
|
|
Maximum Loan Amount
|
$64,579
|
|
( figures based on
|
|
|
Maximum Loan Amount)
|
|
|
|
|
|
Mortgage Payment
|
|
|
Principal & Interest
|
$363
|
|
Mortgage Insurance
|
$40
|
|
Property Tax
|
$189
|
|
Hazard Insurance
|
$19
|
|
Total Monthly Payment
|
$611
|
|
|
|
|
Cash Required to Close
|
|
|
Down payment
|
$3,229
|
|
Estimated Closing Cost
|
$1,633
|
|
Prepaid Escrow Amount
|
$1,589
|
|
-----------------------------
|
---------
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|
Cash Required at Closing
|
$6,451
|
|
Less
|
|
|
Elmhurst Home Ownership
|
-$3000
|
|
Program Grant
|
|
|
RIH Grant
|
-$1,000
|
|
Providence Plan Grant
|
|
|
(up to $2,500)
|
|
|
Recoverable upon sale
|
-$2,500
|
|
|
|
|
Total Cash Required to Close
|
$0
|
*RIH silent second mortgage increases purchase price to $71,036 as shown. Due when property is sold.
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