# Brian A. Hudson, Sr. The Pennsylvania Housing. Finance Agency takes great. pride in helping Commonwealth. citizens become homeowners.

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2 The Pennsylvania Housing Finance Agency takes great pride in helping Commonwealth citizens become homeowners. The information we provide in our various publications, through our counseling network, at participating lending institutions, and on our Web site is designed to take a little of the mystery out of what can sometimes be a complicated process. Good luck with your efforts. Brian A. Hudson, Sr. PHFA Executive Director & Chief Executive Officer

7 Total Monthly Expense Limit is 38 percent (maximum) of \$4,000 = \$1,520. From this Total Monthly Expense Limit of \$1,520, deduct the family s monthly obligations, the average monthly property tax escrow for the area where they plan to buy their home, the estimated monthly escrow for the homeowner s insurance, and an estimated monthly escrow for payment of private mortgage insurance (required if the downpayment is less than 20 percent of the purchase price). Total expense limit \$1,520 Less monthly obligations (500) Less property tax escrow (200) Less homeowner s insurance escrow (50) Less monthly private mortgage insurance premium (if required) (65) Available for mortgage loan payment \$705 If you divide the \$705 available for the mortgage loan payment by an interest rate factor (for example, seven percent =.00666, see page 9), you have the approximate maximum mortgage they can afford. By dividing the mortgage amount by.95, you will have an approximate maximum affordable purchase price with a minimum five percent downpayment. \$ = \$105,855 (Maximum mortgage amount) \$105, = \$111,426 (Maximum affordable purchase price) This means that a home priced beyond \$111,426 will probably be beyond their ability to purchase (considering this family s debts, income, and percentage of downpayment). A larger downpayment will yield a higher maximum affordable purchase price. For example, if this family makes a ten percent downpayment, the maximum-priced home they could afford would be determined by dividing as follows: \$105, = \$117,616 (Maximum affordable purchase price) Your Worksheet A worksheet follows which you can use to compute the maximum mortgage amount and maximum purchase price you can afford. You might want to have your real estate agent, home counselor, or lender check this worksheet for accuracy. This worksheet provides some guidelines for determining affordability by taking into account the expenses of homeownership plus other debt obligations in relation to your income. If you need help with the calculations, see someone familiar with finances and in whom you have confidence or make an appointment with a homeownership counseling agency. The maximum purchase price of the home you could afford (maximum afford- 5

8 able purchase price) could be higher or lower, depending upon the interest rate, any changes in income, the amount, type and duration of your debt, or the amount of the downpayment. However, this can serve as a guide so that you do not waste time looking at homes that are obviously out of your price range. 1. Income Eligibility (to determine if you re eligible for a PHFA loan) Current annual household income is the total monthly income, multiplied by 12, of all persons who will live in the property within 12 months from loan closing, regardless of whether they will be on the loan or not. This calculation is based on income as of the date of application and does not include any income received by full-time high school or undergraduate students. See if your current annual household income is equal to or below the income limit for the county in which the house is located by checking the program brochure. Fill in the form below and multiply the gross total monthly income by 12. Borrower Co-Borrower Other* Gross pay \$ \$ \$ Overtime/part-time commissions Bonuses/tips Dividends/interest Business or investment earnings** Company car (\$200 per month) Car allowance Income from rental property (net income plus depreciation) Pension or Social Security benefits Veterans Administration benefits Unemployment compensation Public assistance Any other income Alimony/child support or separate maintenance income*** + + = Gross monthly income \$ \$ \$ Gross total monthly income \$ 12 \$ Current annual household income * This column is for all other working members of the household who are not full-time high school or undergraduate students. 6

10 Credit card accounts Student loans Alimony and/or child support payments = Monthly personal debt TOTAL \$ 4. Total Expense Limit x.38 = \$ Gross monthly Total expense income (from #2) limit 5. Available for mortgage payment Total expense limit (from #4) \$ Less estimated monthly property tax escrow* \$ Less estimated monthly insurance escrow* \$ Less monthly personal debt (from #3) \$ Less estimated monthly private mortgage insurance premium* \$ Available for mortgage loan payment \$ *Your lender, real estate agent, or home counselor can help you determine these amounts. You can use the estimates from page 4, but keep in mind that these amounts can vary greatly depending on the loan amount and location of the home. 6. Maximum Mortgage Amount ( ) = \$ (Available for mortgage (Rate factor (Maximum loan payment from #5 see below) mortgage above) amount) Some of the mortgage interest rate factors that may be used in number 6 are listed below: RATE FACTORS Select the mortgage interest rate closest to the current program interest rate and use the factor next to it. Mortgage interest rate Factor Mortgage interest rate Factor 6% % /4% /4% /2% /2% /4% /4% % % /4% /4%

17 PHFA House Evaluation Worksheet Borrower(s) Date Property Address Listed Sales Price \$ County PHFA Maximum Purchase Price \$ Type of Housing (single, twin, row) LOCATION ESCROWS (Monthly) HOUSE COSTS (Monthly) Hazard Insurance \$ Heating \$ Property Taxes \$ Electrical \$ Condominium/PUD Fees \$ Water/Sewer \$ Flood Insurance (if required) \$ Other \$ Type of Neighborhood Schools, how far Day Care, how far Shopping, how far Medical Services, how far Community Services (fire, police, ambulance) Distance from Work Public Transportation, how far DIMENSIONS Lot Size House Size EXTERIOR Style/Age/General Condition Yard/Landscaping Garage, # cars built-in attached detached carport Siding, type condition Driveway, type condition Windows/Doors, condition Roof, type condition INTERIOR Floor plan (# of rooms) Kitchen 15

18 PHFA House Evaluation Worksheet, continued Appliances Bedrooms Bathrooms Living room Dining room Basement/attic storage Other EQUIPMENT/MECHANICALS Heating system, type condition Water supply, type condition Hot water heater, type size condition Sewerage, type condition Drainage Plumbing condition Electrical, # amps condition Insulation, type # of inches Attic, roof # of inches Walls # of inches Storm windows/doors condition The materials presented in this workbook are for informational use only. Worksheet materials do not constitute qualification for a mortgage or any other financing. 16

19 Information Needed at Mortgage Interview Check List Borrower Social Security Number Co-Borrower Social Security Number Mailing address Phone number Property address Property contact Phone number Real estate broker Phone number Attorney Phone number EMPLOYMENT (Past Two Years) List most recent employment first. Current or Name of Employer Address Dates Employed Ending Salary Borrower Co-Borrower 17

20 Information Needed at Mortgage Interview, continued BANK ACCOUNTS (Savings, checking, etc.) Name of Bank Address Account No. Type of Account Estimated Balance LANDLORDS (Past three years) Name of Landlord Address Dates You Rented CREDIT CARDS (Department stores, banks, etc.) Name of Creditor Address Account No. Estimated Balance Due LOAN INFORMATION (Car, education, etc.) Name of Lender Address Account No. Monthly Payment Estimated Balance Due CREDIT REFERENCES (Paid-off loans and other credit) Name of Lender Address Account No. Type of Loan Date Paid 18

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