Condominum /Townhome

 Assumptions: 

• Purchase price: $250,000  
• Down payment required: None – 100% financing
• Homeowners Association dues (HOA): $275
• County Property taxes (month): $260
• CalHFA down payment assistance loan(s): $15,000
• 1st Mortgage loan amount: $235,000
• Fixed 30 yr 1st mortgage rate (as of 2/25/08): 5.5%*     
• Low income tier – max. income $ 70,960 /yr gross family of 3 or more

Total monthly housing payment:  $2,016.18 (P&I, Taxes + MI + HOA) 

Gross yearly Income to qualify ** : ranges from $53,000 to $61,800 per year. 

• $250 car payment
• $50/month minimum on credit cards, student loans, revolving charge accounts, etc.)

Minimum FICO score 620 

Estimated total closing costs of $7,054 including lenders fees, escrow/title charges, prepaids, etc.

Single Family Home

Assumptions:

Purchase price: $400,000

• Down payment required: $500
• County property taxes (month): $417
• Homeowners insurance (est. monthly): $45
• CalHFA downpayment assistance loan(s): $19,500
• 1st Mortgage loan amount: $380,500
• Fixed 30 yr. 1st mortgage rate (as of 2/25/08): 6.25%

Total monthly housing payment: $3,074.32 (P.I.T.I. + MI)

 Gross yearly Income to qualify*: ranges from $ 82,400 to $95,000 per year. 

*Assuming “other monthly debts” of $ 500 ( $350 car payment + $150/month minimum on credit cards, student loans, revolving charge accounts, etc.)

Minimum FICO score 620 

Estimated total closing costs: $10,926 incld’s lenders fees, escrow/title charges, prepaids, etc.