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<br />Jul 30 01 03:26p <br /> <br />GMMHC <br /> <br />612-339-0608 <br /> <br />p.2 <br /> <br />~lr,I'LDDl 14;~~ <br /> <br />'D~'()O",:)l,L <br /> <br />r~ ~"'\]\.JJ'.u~UI~ <br /> <br />t~ u.a. <br /> <br />7/26/01 <br /> <br />To: Carolyn Olson <br /> <br />From: Paul Sigurdson - Counselor Realty, Ine <br /> <br />City of Roseville <br /> <br />Sale Price: $240,000 <br />Down Payment (3%) $7,200 <br /> <br />-------- <br /> <br />JIi Mortgage <br />Real Estate Taxes <br />Private Mortgage Insuranc.e <br />Hazard Insurance <br /> <br />$232,800 @ 7.25% = P+l of $1,588.11 <br />.., $183.33 (Approx S2,ZOO/yr.) <br />S97.QO <br />S60.00 <br /> <br />.., <br /> <br />------------ <br /> <br />Total estimated payment <br />@ 28% income to debt ntio <br /> <br />$1928.44 <br />$6.881.29/.100. Jncome per month (S82.647/yr.) required <br /> <br />Buyer(s) must make Ilt the very upper limit of 115% of median (S8S.905/yr) income to qualify for the property <br /> <br />Median Income <br /> <br />= $74,700 <br />X 80019 <br /> <br />----------- <br /> <br />$59,16()/yr ($4,980/mo) max. income <br />X 28% <br /> <br />-..--------- <br /> <br />$1,394.40 Maximum Payment Allowed <br /> <br />Muiml!m Morteaec allowed ~7.2S% is 5154.516 with tbe Tales. PMlllud Hazard w"rantt included <br />This will require Q 1.... mortEll2C of aPDrox. $78.284 tQ make uo the dift'enmt~ from 5232.800 and 5154.516 <br /> <br />---------------------------------- <br /> <br />Maximum 2'" mortgage of $20,000: <br /> <br />Median Income <br /> <br />= $74.700 <br />X 800iG <br /> <br />---------- <br /> <br />$59,760 ($4,980/mo) max. income <br />X 31% (FHA New Construction Lending Ratio) <br /> <br />-------. <br /> <br />$1,543.80 Maximum P"yment Allowed <br /> <br />Muimum MOI1t:a2e Allowed @ 7.15% is 8DDrox 182.318 with Taxes. MIP aod H~ard Insurantt includ~, <br /> <br />Add 520.000 2- Mortp;~ ~ the DrooertY ~ale orke. c.ould be DJ'Oiected ~j~ . ) <br />/11, 700 f>UlljG 7#t:t.. <br /> <br />ftId I- ,eJ ~ <br /> <br />S{J ~ ., tSq aD ~ bJ..-. <br />~'i~ <br />~(jWDP~ <br /> <br />