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11-16-2007, 09:28 AM | #1 |
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Join Date: Nov 2007
Location: Shreveport
Age: 46
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LHFA First Time Home Buyer Bond Program
WE ARE NOT CURRENTLY OFFERING THIS PROGRAM! By: Marshall F. Graham Aulds Horne and White www.auldshorneandwhite.com marshall.graham@auldshornewhite.com (318) 869-4444 2007C Louisiana First Time Home Buyer Program Assisted Program: Provides the client 4% of the loan amount to be used towards payment of closing and prepaid costs.. Any remainder will come directly off of the loan amount. The rate for this program is 6.5% * NO LOAN ORIGINATION FEE Low-Rate Unassisted Program: Provides the client with a low rate of 5.95% * NO LOAN ORIGINATION FEE Qualifications are as follows: 1. First Time Home Buyer - Defined as anyone, including spouse if joint, who has not had ANY ownership interest in a property in the last three years... (This includes mobile homes, and any properties owned outside of Louisiana, but excludes ownership of land). 2. Income Limitations - Family of 2 or less = $48,500 Annualized Gross Income. Family of 3 or more = $55,700 * These income figures are for Caddo and Bossier Parish * These figures assume for all income including interest earned 3. Good Credit Standing - All applicants must be of good credit standing, in other words they must still be able to qualify through a conventional means. This program does NOT make it easier for a potential client to qualify with a sub par credit score. Issuance Date: October 30th, 2007 We are recommending that we begin qualifying candidates today, to ensure that we have enough time to not only qualify them, receive all required documentation, and order the appraisal, but so that we can also allow them the much needed time to find a home if they have yet to do so... Marshall F. Graham Aulds Horne and White 425 Ashley Ridge Blvd. Ste. 102 Shreveport, LA 71106 Wk - (318) 869-4444 Fax - (318) 868-8942 Example 1 Unassisted Bond Program: Tom and Sue are recently married and earn a combined income of $50,000. They have been setting some money aside for their daughters college fund, but have been able to save $4500 to be used for the purchase of their first home. They realize $4500 is not a substantial amount of money, but they hope that they can get into a 100% financing program, and that the $4500 will at least pay for the closing costs. Tom previously owned a home, but he sold it in 2003, and has been living in a rent house while he pursued a degree. Sue has a credit score of 680, and Tom has a credit score of 640. They have their eye on a three bedroom home in South Highlands that is listed at $180,000 and would like to know if they would be able to afford it...Sue tells the loan officer that they have a car payment each month of $350, and have 2 credit cards with a monthly minimum payment of $75 each. The following can be computed: Total Monthly Income = $4,166 Current Monthly Payments = $500 Current Debt Ratio = 12% With Bond Program: Estimated New Housing Payment = $1,517 (*Based on 100% Financing at 5.95%) Estimated Closing and Prepaids = $4,611 (*No Loan Origination Fee) Estimated Average Sellers are willing to contribute = $2,000 Total Cash Required for Closing = $2,611 Remaining Cash on Hand = $1889 Cash Reserves Remaining = 1 APPROVED! Without Bond Program: Estimated New Housing Payment = $1,566 (*Based on 100% Financing at 6.375%) Estimated Closing and Prepaids = $6,152 (*With 1% Loan Origination Fee) Estimated Average Sellers are willing to contribute = $2,000 Total Cash Required for Closing = $4,152 Remaining Cash on Hand = $348 Cash Reserves Remaining = 0 DENIED! Marshall F. Graham Aulds Horne and White 425 Ashley Ridge Blvd. Ste. 102 Shreveport, LA 71106 Wk - (318) 869-4444 Fax - (318) 868-8942 Example 2 Assisted Bond Program: Tom and Sue are recently married and earn a combined income of $50,000. Tom is the primary bread winner, and has been employed for a year and a half. Since they had to pay for their own wedding, they have only been able to put $1600 in the bank, and are hoping to get into a 100% financing program. Tom previously owned a home, but he sold it in 2003, and has been living in a rent house while he pursued a degree. Sue has a credit score of 680, and Tom has a credit score of 640. They have their eye on a three bedroom home in South Highlands that is listed at $180,000 and would like to know if they would be able to afford it...Sue tells the loan officer that they have a car payment each month of $350, and have 2 credit cards with a monthly minimum payment of $75 each. The following can be computed: Total Monthly Income = $4,166 Current Monthly Payments = $500 Current Debt Ratio = 12% With Bond Program: Estimated New Housing Payment = $1,550 (*Based on 100% Financing at 6.5%) Estimated Closing and Prepaids = $4,625 (*No Loan Origination Fee) Estimated Average Sellers are willing to contribute = $2,000 Total Cash Required for Closing = $2,611 4% Bond Assistance = $7,017 Actual Loan Amount = $175,623 Remaining Cash on Hand = $1600 Cash Reserves Remaining = 1 APPROVED! Without Bond Program: Estimated New Housing Payment = $1,566 (*Based on 100% Financing at 6.375%) Estimated Closing and Prepaids = $6,152 (*With 1% Loan Origination Fee) Estimated Average Sellers are willing to contribute = $2,000 Total Cash Required for Closing = $4,152 Actual Loan Amount = $180,000 Remaining Cash on Hand = $-2,552 Cash Reserves Remaining = 0 DENIED! By: Marshall F. Graham Aulds Horne and White www.auldshorneandwhite.com marshall.graham@auldshornewhite.com (318) 869-4444 Last edited by Marshall F. Graham; 12-12-2011 at 10:11 AM. |
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