Seniors At Home Funding Summary
Standard Real Estate Purchasing and Financing Costs
($509.62 Monthly Mortgage Payment + down payment)
SAH Single Unit House (General) Appraised Value $85,000.00
Interest on $85,000.00 @ 6% Interest for 30 years $98,462.46
Originating Fee or Points $850.00
Attorney & Closing Fees $2500.00
TOTAL MORTGAGE $186,812.46
($509.62 Monthly Mortgage Payment + down payment)
SAH Single Unit House (General) Appraised Value $85,000.00
Interest on $85,000.00 @ 6% Interest for 30 years $98,462.46
Originating Fee or Points $850.00
Attorney & Closing Fees $2500.00
TOTAL MORTGAGE $186,812.46
SAH Program Purchasing & Financing Costs
($56.81 to $183.33 Monthly Mortgage Payment + No Down Payment)
SAH Single Unit House (General) Appraised Value $85,000.00
25% Volunteer Labor Discount (Forgivable 2nd mortgage) ($21,250.00)
30 Year 0 (zero) Interest Loan $0.00
Originating Fee or Points $0.00
Attorney & Closing Fees (included in mortgage) $2500.00
TOTAL MORTGAGE $66,250.00
TOTAL SAH PROGRAM SAVINGS $120,562.46
($56.81 to $183.33 Monthly Mortgage Payment + No Down Payment)
SAH Single Unit House (General) Appraised Value $85,000.00
25% Volunteer Labor Discount (Forgivable 2nd mortgage) ($21,250.00)
30 Year 0 (zero) Interest Loan $0.00
Originating Fee or Points $0.00
Attorney & Closing Fees (included in mortgage) $2500.00
TOTAL MORTGAGE $66,250.00
TOTAL SAH PROGRAM SAVINGS $120,562.46
SAH Overview
First House completed and Mortgage Closed March 17, 2007
Total Down Payments $0.00
Originating Fees or Points Collected $0.00
Number of Houses Completed & Closed in 2007 8
Number of Houses Completed & Closed in 2008 6
Number of Houses Completed & Closed in 2009 18
Number of Houses Completed & Closed in 2010 7
Number of Houses under Construction as of 6/1/2010 3
TOTAL # Units 42
First House completed and Mortgage Closed March 17, 2007
Total Down Payments $0.00
Originating Fees or Points Collected $0.00
Number of Houses Completed & Closed in 2007 8
Number of Houses Completed & Closed in 2008 6
Number of Houses Completed & Closed in 2009 18
Number of Houses Completed & Closed in 2010 7
Number of Houses under Construction as of 6/1/2010 3
TOTAL # Units 42
Number of families qualified for “Homebuyers Tax Credit” 29 of 42 families
Total dollar amount received by the 29 Families. $230,500.00
Total dollar amount received by the 29 Families. $230,500.00
New Hope Construction Funding Summary
Federal Home Loan Bank (Combined 2006, 2008 & 2009) $1,661,405.20
THDA Trust Fund Chattanooga (2008) $247,500.00
TOTAL Funds $1,908,905.20
Federal Home Loan Bank (Combined 2006, 2008 & 2009) $1,661,405.20
THDA Trust Fund Chattanooga (2008) $247,500.00
TOTAL Funds $1,908,905.20