PRICE RANGE

Estimated selling price of Contract

$375,000

$400,000

$425,000

$450,000

     Down Payment (with min. Down)

11,250

12,000

12,750

23,000

     (Alternate Down Payment)

$0

$0

$250

$10,500

     (Note: if Alternate Down payment is used the monthly private mtg. insurance will increase

               by approximately $200 closing costs vary and are not shown)

Total Mortgage

$363,750

$388,000

$412,250

$417,000

Type of Mortgage       FREDDIE MAC SPECIAL NEIGHBORHOOD PROGRAM

Duration                     30 YEAR WITH 6% FIXED RATE

Rate reduction for special employment categories

QUALIFYING INCOME:

$73,702

$79,004

$83,051

$85,534

Mo. Debt service $1,445(PITI+PMI)

$2,641

$2,831

$2,976

$3,065

Less - Private Mtg. Ins.

$200

$200

$200

$200

Total PIT Only

$2,441

$2,631

$2,776

$2,865

Tax Savings (Deduct 33%)

$813

$876

$924

$654

     (This amount is available every period from the date of

      settlement by filing a new W-4 form with your Employer)

NET MONTHLY COSTS

$1,628

$1,755

$1,852

$1,911

Using a 2-1 Buy Down

YEAR 1            

$2,196

$2,357

$2,518

$2,555

YEAR 2

$2,419

$2,594

$2,747

$2,810

YEAR 3

$2,641

$2,831

$2,976

$3,065

From $800 to $900 of Tax Savings apply to each of the above amounts

Qualifying Income

$61,000

$65,776

$70,269

$71,302