FINANCING PROGRAM
FINANCING YOUR NEW CONSTRUCTION HOME
Brackett Knoll is a 20 two-family/duplex development. Families with a combined household income between $30K - $60K are eligible for home ownership in this complex. Each qualified buyer will receive a Capital Region Development Authority (CRDA) housing credit of $36,785.
Highlighted below are sample expense sheets for the two-family house and duplex models, which provide a snapshot of the homeownership expense picture.
2- FAMILY HOUSE SAMPLE EXPENSE SHEET
Purchase and Closing Accounting:
Sales Price $235,900
Less Credit to Buyer from CRDA (towards Seller Balance) -$36,785
Equals Net Sales Price $199,115
Plus Buyer Finances Closing Costs (estimate) $6,000
Less Down Payment (3%) or to be determined by buyer: -$5,973
Buyer Mortgage Amount $199,142
Monthly Mortgage & Expenses (yours may vary):
Mortgage Amount of $199,142 (30-yr term @5%) $1069
Real Estate Taxes (estimate) $300
PMI $169
Utilities $259
Capital Reserve (savings for repairs) $100
Subtotal Monthly Mortgage & Expenses $1,897
Projected Rental Income $1,150
Less 5% vacancy rate -$58
Total Projected Rental Income (Paid toward the monthly expense) $1,093
Total Estimated Housing Expenses $805
DUPLEX SAMPLE EXPENSE SHEET
Purchase and Closing Accounting:
Sales Price $240,000
Less Credit to Buyer from CRDA (towards Seller Balance) -$36,785
Net Sales Price $203,215
Plus Buyer Finances Closing Costs (estimate) $6,000
Less Down Payment (3%) or to be determined by buyer: -$5,973
Buyer Mortgage Amount $202,735
Monthly Mortgage & Expenses (yours may vary):
Mortgage Amount of $199,142 (30-yr term @5%) $1088
Real Estate Taxes (estimate) $250
PMI $174
Utilities $259
Capital Reserve (savings for repairs) $100
Subtotal Monthly Mortgage & Expenses $1,891
Projected Rental Income $1,150
Less 10% vacancy rate -$115
Total Projected Rental Income (Paid toward the monthly expense) $1,035
Total Estimated Housing Expenses $836