Cohousing-L Mailing List: Re: Affordable Cohousing

[Brian Bartholomew (bb]

>     * $136,500 for a 1 bedroom home

>     * $46,300 [max income] for a single person

Playing around with mortgage calculators on the web, using a 5% down
payment and 8% interest, it seems to me a loan on this combination of
debt to income is overcommitted and cannot be bought.  Could this be
correct?  I imagine that no one in a coho would want to construct a
financial situation which guarantees the residents are in over their
heads, as this would be 'predatory lending'.  What am I missing?
Is there a planning assumption that other coho members will donate
towards a larger down payment?

                                                        Brian