REVIEWING THE SOURCES ON DOLLARS TO PAY YOUR MORTGAGE

DO YOU OR YOUR FAMILY QUALIFY?

IS YOUR PERSONAL OR FAMILY INCOME OVER $70,000???

ARE FICO CREDITS SCORES 585+?

IF YES ---PROCEED

BASED ON THE PURCHASE PRICE OF $300.00

 

Based on using an FHA Easy Loan with 3% Down
Stated Example Rate of 6 5/8% ( as of 8/8/08)
Down Payment of 3% (3% X $300,000)

$9,000

Loan Amount of (97% +1.5% X
Loan amount FHA Fee) ($291,000=$4,365)

$295,365

   
 

MONTHLY

Prinicipal, Interest and MMI = $6.81/$1,000

$ 2,011

Monthly Taxes est. at 1.3%/yr/12months=

$325

Total of Deductible Expenses

$2,336

   

Estimated Tax Savings per month from W-4 Deductions
Total of deductible Expenses $2,336 X30% Tax Rate

$(701)

 

 

Estimated Tax saving for Tax Credit
Purchase price $300,000= Maximum
New Buyer Tax Credit - $7,500/12=

$(625)

   

ESTIMATED NET AFTER-TAX MORTGAGE HOUSING COST

$1,010

*( Must be a first time Buyer or not have owned a home
for 3 years or more.)

 

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