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Typical Home Pricing.Determination Per.Masshousing Guidelines <br /> Buyer at 80% of Median Income Using HUD 2004 Median Uncome Levels <br /> • Median Income: $61,800 <br /> 80% of Median Income $49,440 <br /> Using 80% Median as Baseline for Pricing <br /> Gross Monthly Income: $4,120 <br /> 35% of income for housing $1,442 *Monthly payment cannot exceed this amount <br /> Common Mothly Payment Breakdown (Assumes 5.875% at 30 Years <br /> "Assumes 5% downpayment from buyer** <br /> Homeowner's Insurance: $45 ($540 Annually) <br /> Homeowner's Assoc. Fee: $125 <br /> Real Estate Taxes: $125 ($1500 Annually) <br /> Private Mortgate Insurance' $0 *PMI Typically waived for first time buyers <br /> Principle and Interest $955 ***Supports Loan amount of$162,000 <br /> Total: $1,250 <br /> Total purchase price supported :$171,000 <br /> Sale Prices for this project'are $152,000 <br /> w <br />