Below is the income grid for all the NSP homes in the City of Atlanta. It has been updated for 2010 which adds about $600 to the $120% AMI and a bit less to the others. That chart is not posted anywhere I can find so, here's the old one to use for our purposes of determining BUYER NSP BENEFIT amounts.
|
Household
Size |
1 |
2 |
3 |
4 |
5 |
6 | | 50% AMI | $25,100 | $28,700 | $32,250 | $35,850 | $38,700 | $41,600 | | 80% AMI | $40,150 | $45,900 | $51,600 | $57,350 | $61,950 | $66,550 | | 120% AMI | $60,250 | $68,850 | $77,450 | $86,050 | $92,900 | $99,800 |
OK, now that you know which AMI category your family falls within, you can find out what your benefit amount is by applying the appropriate % or $ amount below to the LIST price of the NSP home. |
Price Range |
0-50% AMI |
51-80% AMI |
81-120% AMI
| |
$100,000 or less |
10% |
5% |
$3,000
| |
$100,001-$140,000 |
15% |
10% |
5%
| |
$140,001 or Greater |
20% |
15% |
10%
|
For example, let's say you or your client would like to make an offer on our featured property above. The buyer is a husband and wife with a child. Their combined income is $72,000 per year.
They would be eligilble for up to $24,500 in NSP buyer subsidy that can be used for down payment (50% of the lender required DP), closing costs and principle reducution. The approximate principle and interest payment would be $1,147.26 assuming $10,000 in closing costs/prepaids and $4,500 in downpayment is paid with NSP. DON'T FORGET, other program dollars can be layered with these funds to bring the price down even further! The affordablity (or buyer obligation) period would be 10 years (details in prior blog). Each year, $2,450 of the zero interest, NSP "loan" is forgiven. As always, let us know if you have any questions regarding the fantastic buyer incentives available with NSP funds.
or call (404) 810-0025 today! |
