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Trailside Estates BBN Home Purchase <br /> Example Utilizing Affordable Financing Products <br /> This example shows the financing package for a home purchased with a Minnesota Housing CASA I" <br /> mortgage and affordability gap financing.This example assumes that buyer meets all program/product <br /> requirements and has stable income and good credit score to mortgage qualify. In the example,the home <br /> price has been reduced to represent hypothetical local leverage lowering the end buyer cost. <br /> BBN Home Price: $154,000(represents$10,000 in local leverage) <br /> Estimated Closing Costs: 6,000 <br /> Due from buyer: $160,000 <br /> Buyer's Financing Sources: <br /> • Earnest money: $500 <br /> • CASA 1"mortgage @ 6.125 %: $141,000 <br /> • MHFA HAF Assistance: $3,000 <br /> • MHFA CRV/GMHF affordability gap: $15,000 <br /> • Additional buyer funds: $500 <br /> Principal &Interest: $857 <br /> Estimated taxes/insurance/PMI: $200 <br /> Estimated monthly PITI: $1,057 <br /> 40 year term option: $69 estimated decrease in monthly payment <br /> Estimated monthly PITI: $988 <br /> Monthly assistance deduction: $75/month 1 st year <br /> Estimated monthly PITI: $913 <br /> The estimated monthly housing cost represents 30%of a gross annual income of$36,500. The <br /> example does not take into account a household's monthly debt amount or credit history; two <br /> factors in the overall first mortgage qualifying process. In many cases, a household's <br /> affordability range is less than the 30% amount because of debt and other costs of living that <br /> prevent them from paying a large monthly payment. <br />