Call or email me to learn more about how to use Government loans(FHA) in conjunction with charitable gift programs to attract more buyers and sell more homes.
$200,000 |
Purchase Price |
$370,000 |
Purchase Price |
$550,000 |
Purchase Price |
LTV |
97% |
LTV |
97% |
LTV |
97% |
Base Loan Amount |
$194,000 |
Base Loan Amount |
$358,900 |
Base Loan Amount |
$533,500 |
UFMIP |
1.50% |
UFMIP |
1.50% |
UFMIP |
1.50% |
Note Loan Amount |
$196,910 |
Note Loan Amount |
$364,284 |
Note Loan Amount |
$541,503 |
|
Monthly Payment |
|
Monthly Payment |
|
Monthly Payment |
Note Rate 6.500% |
-$1,244.61 |
Note Rate 6.500% |
-$2,302.52 |
Note Rate 6.500% |
-$3,557.29 |
BPMI 0.5% |
-$80.83 |
BPMI 0.5% |
-$149.54 |
BPMI 0.5% |
-$222.29 |
Taxes 1.25% |
-$208.33 |
Taxes 1.25% |
-$385.42 |
Taxes 1.25% |
-$572.92 |
Insurance 0.35% |
-$57.43 |
Insurance 0.35% |
-$106.25 |
Insurance 0.35% |
-$157.94 |
Total |
-$1,591.20 |
Total |
-$2,943.73 |
Total |
-$4,510.43 |
Borrower Income |
|
Borrower Income |
|
Borrower Income |
|
TOTAL DTI 43% |
|
TOTAL DTI 43% |
|
TOTAL DTI 43% |
|
Minimum Gross Monthly |
$3,700.47 |
Minimum Gross Monthly |
$6,848.88 |
Minimum Gross Monthly |
$10,489.38 |
Minimum Gross Yearly |
$44,405.69 |
Minimum Gross Yearly |
$82,150.53 |
Minimum Gross Yearly |
$125,872.54 |
KEY HIGHLIGHTS
DOWN PAYMENT
- 3% minimum down payment required.
- 100% of down payment may be gift from family or friends,
- 100% of gift may also come from a down payment assistance program (DAP) nehemiah, genesis, etc.
CASH TO CLOSE
- Based on above $370,000 purchase price, it would typically take about $23,000 total cash to close that purchase. A DAP could pay for $22,200 of that leaving total cash out of pocket of only $800!!
- Cash to close maybe zero depending on terms of seller contributions and structure of loan. Cash to close may also be a gift!
CHARITABLE GIFT PROGRAMS
- Max donation is 6%
- Additional DAP administration fee is only $300-$500
KEY PURCHASE CONTRACT TERMS
- For zero down 6% seller credit contract should include terms:
- 'Seller to participate in down payment assistance program @ a cost of 3% of sales price and $500 program administration fee. 3% seller credit to cover closing costs.
- Max Seller concession is 6%
- Note: Local custom on who pays applicable transfer tax and title fees may affect cash to close from borrower.
Just Let me know if you have any questions about how this program works or if you need any assistance.
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