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
The Process
- 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
Monthly Home Ownership Expenses
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 |