|
      
|
THE ECONOMICS OF “THE HOUSE
THAT GROWS”.
AS MODIFIED FOR THE PHYSICALLY IMPAIRED
THIS GIVES YOU THE DETAILS OF HOW YOU CAN
AFFORD A 5 BEDROOM, 4.5 BATH HOME FOR $1,194 PER MONTH
|
|
In today’s world the uncertain economic conditions has caused
a crisis of confidence due to the Banking Industry’s selling homes to
families that could not afford the strange financial loans that they have
created. We have redesigned this home so that the Individual With Special
Needs can afford something they will be proud to own, and would like to
provide inexpensive housing for parents or relatives that would like to live
under the same roof, but want the privacy they deserve, and monthly costs
they can afford. The In-Law Suite allows you to give that privacy, and also
to decrease their monthly costs. |
| |
Cumulative Price |
3 Bedroom 2.5 baths |
4 bedroom 3.5 baths |
5 bedroom 4.5 baths |
| |
|
|
W/in-law |
W/in-law |
|
BASIC HOUSE with 3 bedrooms, 2.5 baths |
$329,900 |
$329,900 |
$329,900 |
$329,900 |
|
elevator for three floors |
$22,000 |
$22,000 |
$22,000 |
$22,000 |
|
alternative chair lifts available |
|
|
|
|
|
TOTAL COST of 3 bedrooms, 2.5 baths & elevator |
$351,900 |
$351,900 |
$351,900 |
$351,900 |
|
EXPAND TO MEET YOUR FAMILIES NEEDS: |
|
|
|
|
|
1. Add an in-law-suite lower level with a large bedroom,
full |
$50,700 |
n/a |
$50,700 |
$50,700 |
|
bath, eating area and large family room. |
|
|
|
|
|
Private entry optional |
|
|
|
|
|
TOTAL COST of 4 bedrooms, 3.5 baths & elevator |
$402,600 |
$351,900 |
$402,600 |
$402,600 |
|
2. Add unfinished attic space
|
$7,900 |
|
|
|
|
Finish for a Loft Master Bedroom |
$18,650 |
|
|
|
|
Finish an oversized Master Bath with a garden tub |
$6,850 |
|
|
|
|
in a platform and shower stall |
|
|
|
|
|
Cost of Loft Master Bedroom |
$33,400 |
|
|
$33,400 |
|
TOTAL COST of 5 bedroom, 4.5 bath & Elevator |
$436,000 |
n/a |
n/a |
$436,000 |
|
|
|
|
|
|
|
CASH REQUIREMENT TO PURCHASE |
|
|
|
|
|
FHA DOWN PAYMENT (2.2%-3%) ADD CLOSING |
|
$10,900 |
$12,600 |
$12,000 |
|
MORTGAGE 30 YEAR FIXED, ESTIMATE 6% |
|
$341,000 |
$390,000 |
$424,000 |
|
|
|
|
|
|
|
MONTHLY MORTGAGE SERVICE OBLIGATION |
|
|
|
|
|
MORTGAGE PAYMENT- PRIN. AND INTEREST ($6/M) |
|
$2,046 |
$2,340 |
$2,544 |
|
F.H.A. INS. 0.5% |
|
$142 |
$163 |
$177 |
|
REAL ESTATE TAXES-ESTIMATE |
|
$250 |
$250 |
$250 |
|
HOME OWNERS INS. ESTIMATE |
|
$50 |
$50 |
$50 |
|
total debt Service per month (=33% of Income) |
|
$2,488 |
$2,803 |
$3,021 |
|
|
|
|
|
|
|
Monthly Combined family Income required to qualify |
|
$7,540 |
$8,494 |
$9,154 |
|
Annual combined family Income required to qualify |
|
$90,500 |
$101,900 |
$109,800 |
|
Lower Incomes are possible with lower debt &higher scores |
|
$76,900 |
$86,600 |
$93,300 |
|
ACTUAL CASH OUT-OF-POCKET MONTHLY COST: |
|
|
|
|
|
DEBT OBLIGATION |
|
$2,488 |
$2,803 |
$3,021 |
|
LESS: DEDUCTION FROM FED. &STATE INC. TAX (33%) |
-$821 |
-$925 |
-$997 |
|
LESS: RENTAL F.M.V. FROM IN -LAW SUITE |
|
$0 |
-$800 |
-$800 |
|
CASH REQUIRED TO MEET MONTHLY NET COSTS |
|
$1,667 |
$1,078 |
$1,224 |
|
***special Note: Tax Benefits Increase weekly salary by.. |
|
$205 |
$231 |
$249 |
|
Note: 1. selling price if sold by Co-Op Broker (add 2%) |
|
$359,100 |
$410,800 |
$444,900 |
|
2. For sale by our Personnel see above prices |
|
|
|
|
Sales Center:
#1 Rhonda Ct.
Baltimore, MD 21244
work: (410) 879-4242
Fax: (301) 622-3033
Email: SR9889@aol.com
|
