|
   
QUALIFYING INCOMES FOR THE
FINANCIALLY UNINFORMED
For those that think that they can
only afford a PRODUCTION HOME, THINK AGAIN;
You can afford to buy a DESIGN-BUILT CUSTOM HOME |
Do you know
what happens when you say” I do not want to spend more than $360,000
for a new home”, But, your combined ACTUAL INCOME IS OVER $80,000?
Based upon today’s market you have placed “self imposed”
limits on yourself and you are compelling yourself to buy a Production
Home where you are offered three models and a couple of front
elevations; thus living in a community of stereotyped homes where the
range in price is negligible; or not buying at all; losing any attained
appreciation over a period of time. In this situation you are not buying
value, only space.
Do you know
that for the same investment you can buy a Designed-Built custom
home accommodating your ideas that will meet your families needs?
When a person is told that this might cost more than they anticipated,
they panic. They envision a tremendous increase in monthly carrying
costs and give no thought of future value or tax savings. If you were
told that you could accomplish this and it would only cost a few dollars
more per month, would that make a difference to you? IF IT DOES DO
NOT BUY.
THE TABLES
SHOWS YOU THE DIFFERENCE IN COSTS
BETWEEN VARIOUS SELLING PRICES
|
Selling Price |
$380,000 |
$400,000 |
$440,000 |
|
Total Cash required
with 5% Down |
$30,000 |
$31,000 |
$33,000 |
|
(note: Financing
available from 5%down; inquire about different programs available) |
|
|
Mortgage Type 6%
Interest |
Conv-30 yr |
Conv-30 yr |
Conv-30 yr |
|
Monthly Carrying
Cost |
$2,768 |
$2,888 |
$3,138 |
|
(includes Prin.,Int.,
taxes & insurance; structured with no Mtg. Insurance) |
|
|
Qualifying Income
Required |
$81,000 |
to |
$107,000 |
|
Insert your Income
Here and see if you are qualified for the "Home of your Dreams" |
$ |
$ |
$ |
|
Monthly net Payment
After Tax Savings (33%) |
$1,917 |
$1,997 |
$2,158 |
|
The difference In
Monthly Costs to buy a Design Built Custom Home: |
|
|
Between Each Price
Upgrade |
$0 |
$80 |
$161 |
|
|
|
|
|
|
|
|
|
|
|
Selling Price |
$750,000 |
$850,000 |
$950,000 |
|
Total Cash required
with 5% Down |
$95,000 |
$105,000 |
$110,000 |
|
(Includes 10% down
payment plus closing costs on Lot only; This Saves $10,000-$15,000) |
|
|
Mortgage Type 6.5%
Interest |
Conv-30 yr |
Conv-30 yr |
Conv-30 yr |
|
Monthly Carrying
Cost |
$5,103 |
$5,717 |
$6,331 |
|
(includes Prin.,Int.,
taxes & mortg insurance) |
|
|
Qualifying Income
Required |
$175,000 |
$200,000 |
$217,000 |
|
Insert your Income
Here and see if you are qualified for the "Home of your Dreams" |
$ |
$ |
$ |
|
Monthly net Payment
After Tax Savings (33%) |
$3,530 |
$3,966 |
$4,386 |
|
The difference In
Monthly Costs to buy a Design Built Custom Home: |
|
|
Between Each Price
Upgrade |
$0 |
$436 |
$420 |
|
INTERSTATE
VENTURES
Sales Center:
#1 Rhonda Ct.
Baltimore, MD 21244
work: (410) 879-4242
Fax: (301) 622-3033
Email: SR9889@aol.com
|
