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<br /> <br /> <br /> <br /> <br /> <br /> Sample Financing <br /> July 26, 2006 <br /> Purchase Price: $400,000 <br /> <br /> 100% 90% 80% <br /> <br /> Down payment: - 40,000 80,000 <br /> Loan amount: $400,000 $360,000 $320,000 <br /> Interest rate: 6.375 6.375 6.375 <br /> Amortization: 30 years 30 years 30 years <br /> Montly loan payment: <br /> Principal & interest 2865.65 2579.08 2292.52 <br /> Mortgage Insurance - Note 1 303.33 141.00 - <br /> Total montly payment 3,168.98 2,720.08 2,292.52 <br /> <br /> Note 1 - This monthly payment does not include real property taxes and hazard insurance <br /> reserves that will be required to be paid montly and included in the montly loan payment. <br /> <br /> Est Income Requirement - Note 2 7,922.45 6,800.20 5,731.30 <br /> Est. Income Requirement - Note 3 9,172.45 8,050.20 6,981.30 <br /> <br /> Est. Income Requirement -Note 4 9,672.45 8,550.20 7,481.30 <br /> <br /> <br /> Note 1 - The mortgage insurance is .47% of the loan amount divided by 12 months for 90% financing <br /> and .91 % of the loan amount divided by 12 months for 100% financing. <br /> Note 2 - The loan payment for the loan anticipated plus, real property taxes, maintenance payments, <br /> hazard insurance, any other loan or credit card payments should not exceed 40% of borrowers' <br /> gross income. This income requirement is only based on the montly loan payment. <br /> <br /> Note 3 - We added an additional $500 per month for real property taxes, insurance, maintenance <br /> and other loan payments. <br /> <br /> Note 4 - We added an additional $700 per month for real property taxes, insurance, maintenance <br /> and other loan payments. <br /> Note 5 - The loan pricing is based on good credit. <br />