|Re: Affordable Cohousing||<– Date –> <– Thread –>|
|From: Catya Belfer-Shevett (catyahomeport.org)|
|Date: Mon, 5 May 2008 14:34:57 -0700 (PDT)|
Sadly, we have no say in these numbers - the formula goes like this:"The prices of the homes have been set based on a formula from the state that calculates what sales price a family making 70% of Area Media Income can afford if they pay approximately 30% of their monthly income on housing expenses such as mortgage, condo fees and taxes. The formula presumes a down-payment of 5% for the mortgage, and the household must qualify for a mortgage for the remainder of the home price."
I'm not sure whether they calculate it off the 1 person household or 2 person household, though.
- catya Brian Bartholomew wrote, On 5/5/2008 11:31 AM:
* $136,500 for a 1 bedroom home* $46,300 [max income] for a single personPlaying 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 _________________________________________________________________Cohousing-L mailing list -- Unsubscribe, archives and other info at: http://www.cohousing.org/cohousing-L/
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- Re: Affordable Cohousing, (continued)
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