Jane Goodhome Stats

• HCV participant for four year

• 1^st 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 Homeonwership 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

• With down-payment assistance from American Dream Down-payment Initiative (ADDI) and other sources, 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 Homeownership Expenses

Mortgage paid by Ms. Goodhome                                     $734
(includes principle, interest, taxes, insurance,
and private mortgage insurance)                                                                                   

Utilities paid by Ms. Goodhome                                        $391

Homeownership Maintenance Account                              $100
Paid by Ms. Goodhome

Total Homeownership Expense                                    $1225

Less HCV Homeownership Voucher                             $617

Ms. Goodhome’s  Monthly                                            $608
Homeownership Expense