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Old Today, 10:32 AM
 
13 posts, read 14,125 times
Reputation: 12

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No no, $2500 range would be a monthly loan payment estimate after a 10% down payment on the scenario I listed but thenthe language of site says "monthly carrying cost is in addition to loan amount"

Either way you are totally correct, I would have to learn more from info session. I can only assume something isn't described properly because a total obligation of $5000/month for someone making $120k isnt just unaffordable, it mathematically doesnt make any sense.
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Old Today, 10:55 AM
 
66 posts, read 38,906 times
Reputation: 47
Quote:
Originally Posted by Romeo14 View Post
Yeah I am extremely confused by this one. At $120k income for single person a $388K purchase price PLUS $2500 carrying cost seems insane? At a 10% down payment that's in the $2500 range for mortage/taxes as well. Something has to be off here..
This is a complaint many of the orgs/developers of housing sales have. Housing Connect was built for rentals so the numbers are always off when it comes to sales. That's why 2 - 4 family home sales always look like single family homes on HC. It's the same with these numbers. The web template doesn't allow for separate columns for maintenance + mortgage + possible PMI ----- so they often combine these things in the monthly carrying cost based on their estimations. But it's important to note that these numbers may be higher or lower depending on all the things I mentioned plus more.
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Old Today, 06:45 PM
 
Location: Read the Marketing Handbook, and Income a Guide.
2,021 posts, read 1,636,581 times
Reputation: 480
Default 110% AMI, Studio, 1 person $74,046 - $119,570

Quote:
Originally Posted by NiniCakes View Post
what's also interesting is that at the top of the page it says the eligible incomes start at $74,046 but the lowest income on the charts below is $82,026. Maybe someone forgot to update the listing?
Maybe you missed it. My screen has this:
110% AMI Studio 1 unit $270,050.
1 person $74,046 - $119,570.
2 people $74,046 - $136,730.
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