BRIDGE North Charleston Preliminary Plan for Sale of Condos
⌂ Available to buyers who meet certain qualifications;
- current residency
- within a specific geographical area
- limit on current income – % of AMI (tbd)
The goal is to keep total monthly housing obligation under $900/month.
Note: Variables include interest rates at the time of closing, buyer credit, etc.
⌂ Completion of financial literacy and homeownership program
⌂ Owner occupied
⌂ Grant money for downpayment and closing costs
⌂ Approx. 20% average remains lien on property for 10 years w/graduated forgiveness?
⌂ Protect buyer from tax consequences from downpayment and closing costs assistance?
⌂ Deed restrictions to guarantee it remains affordable housing with initial qualifications
⌂ Insure the benefit remains within the community
⌂ In accordance with lending and fair housing laws
EXAMPLE
$175,000 sales price
$ 35,000 down payment (20% of which is grant)
$140,000 mortgage
@ 4% interest*
$668 = monthly principal + interest
$80 = Estimate real estate taxes
$40 = Estimate insurance
$100 = Estimate condo regime
$888 Total Monthly Payment $ 888
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