Homeownership Program

Jane Goodhome Stats

HCV participant for four years
1st time homebuyer
Member of Family Self-Sufficiency Program
Employed full-time at N.E. Ware & Co. where she makes approximately
$21,000 per year
Closely follows a written budget
Has an excellent credit rating
Has $800 saved so far toward homeownership and has established
a habit of saving

Ms. Goodhome shows proof of her savings and is referred over to a HUD-Approved Homeownership Counseling provider for classes
Ms. Goodhome attends budgeting and credit counseling sessions (if necessary) and homeownership classes
Ms. Goodhome’s income along with her CMHA Voucher subsidy is calculated and she gets pre-approved for a $100,000 30-year mortgage at 6%
Ms. Goodhome works closely with her realtor and puts in a bid of $94,000 for a house and the offer is accepted
Ms. Goodhome puts 5% down
After the house passes the Health Quality Standards (HQS) inspection, a whole house inspection and all repairs and re-inspections are completed, her closing is scheduled
Ms. Goodhome attends the closing where she receives all the paperwork and the keys to her new home

Mortgage paid by Ms. Goodhome (includes principle, interest, taxes, insurance, and private mortgage insurance)	$735.00
Utilities paid by Ms. Goodhome	$391.00
Homeownership Maintenance Account Paid by Ms. Goodhome	$100.00
Total Homeownership Expense	$1225.00
Less HCV Homeownership Voucher	$617.00
Ms. Goodhome’s Monthly Homeownership Expense	$608.00