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Our homes range in price from the "Starter Home" for approximately
$200,000 to the "Estate Home" costing in excess of $1,000,000. An
initial interview with you over the phone or, preferably at our
sales office will enlighten us to the goals you are trying to
achieve, and the financial resources that are available. Knowing
these facts we can advise you of the best possible approach to
meet all of your criteria.
AN
EXAMPLE OF COMPUTING A SELLING PRICE IS AS FOLLOWS: (Assuming you
own your lot)
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The Basic “Starter” home might
cost |
$190,000 |
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Most people add some optional
items |
$15,000 |
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County fees and site
preparation is estimated in Balt. Co. |
$20,000 |
|
Closing costs
|
$10,000 |
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Interest during construction |
$5,000 |
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Funding for future furnishing |
$5,000 |
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Total House Cost
(estimated) 76% |
$245,000 |
|
Fair Market Value of your
Paid-up lot |
$75,000 |
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Total Appraised Value for Bank
Purposes 100% |
$320,00 |
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You would be asking for a loan
that is 76% of the True Value of the home.
This example can be modified to your needs regardless of the house
type or cost.
To calculate what you would need to maintain your home’s debt, and
the income that you would need for the lender to give you the loan
is as follows:
If you
do not own your lot outright, or you are buying a total House &
Lot Package, you could need from 3.0% to 10.0% down. In today’s
market there are many factors that need to be considered, that is
why a face-to-face interview is so important. Certain items
cannot be discussed over the telephone; plus, there are several
ways we can save you expenses, i.e, – for closing costs, for
marketing your existing home, if needed.
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CASH (If your lot is debt-free) |
$-0- |
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MONTHLY COST TO CARRY (PITI) |
$1,859 |
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Less: Est. Income Tax
Savings (1/3) |
$615 |
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Net Annual Cost |
$1,246 |
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QUALIFYING INCOME |
$1,246 |
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There is no need to purchase the standard model production home or
a factory-built modular which is designed by someone else, when
you can customize "Your "Dream House" remember we will build your
house, you don't buy ours" call Interstate Ventures today and take
the first step
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