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I was just making up numbers. But I know somebody who has a unit in what I think is a similar program, and she does have two "mortgages." One actual mortgage, for the affordable rent, and then a progressively forgiven loan for the margin to get somewhere near the market value.
Since the free-market one-bedrooms are listed for more than $200K north of the top affordable price, I'm pretty sure there would have to be some subsidy in there besides closing costs. You don't make up $200K on cheaper appliances. Also, this development lists closing costs of $20K to be paid by the buyer, which is in line with what you'd expect to pay at the top affordable price.
The grant is 25k, not 100k. The grant is used for closing costs only.
Not true. Well, the amount is right, but it's not for closing costs.
The grant knocks down the effective purchase price. The mortgage is procured based off of the effective purchase price, and closing costs are still set from that, and must be paid out of pocket.
What the grant DOES do, is keep loan to value down, so that you have to put up less money in your down payment to reach 80% LTV, so you don't have to pay PMI.
They followed up with me again today to give a notarized explanation of a single deposit of a whole $300, but I guess I'm near the top of the top income band, so maybe that would put me over.
Hey, TizOnly1, did you discuss the pet policy with them? I just got invited to go in for a viewing but no dogs = no go.
"No more than two (2) domestic animals may be kept in a Unit without the consent of the
Board or the Managing Agent. No pet shall weigh more than 40 pounds or be of a breed or type
generally considered dangerous to humans. Each Unit Owner who keeps any type of pet in his or
her Unit will be required to: (a) indemnify and hold harmless the Condominium, the Board, all
Unit Owners and the Managing Agent from all claims and expenses resulting from acts of such
pet; and (b) abide by any and all reasonable Rules and Regulations of the Board adopted with
respect thereto; and, ( c) clean up after their pet."
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