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ILLUSTRATION <br />COMPARISON OF MONTHLY NOUSINC COSTS PER VARIOUS <br />LOAN '£YPES: <br /> <br />Sample $65,000 Selling Price <br /> <br />'Selling Price: <br /> Hin. Down payment: <br /> Loan Amount: <br /> <br />FHA VA <br /> <br />$65,000 <br /> 2,750 <br /> <br />$62,250 <br /> <br />Market Interest (3): <br />Tax-Exempt Interest.(4): <br /> <br />$523%40 <br />467.62 <br /> <br />Monthly Savings 'Attributable <br />to Tax-~E×e~pt-Low-Rate- <br />FJ. nancing $ 5{.78 <br /> <br />Reduction to minimum <br />Qualifying monthly <br />Income due 'to Tax- <br />Exempt-low Rate <br />Financing' (5): <br /> <br />$65]000 <br /> -0= <br /> <br />$65,000' <br /> <br />$546~52 <br />488.28 <br /> <br />$ 58.24 <br /> <br />?H~ (1) <br /> <br />~65,000" <br /> 3,250 <br />$61,750 <br /> <br />$553.34 <br />463.87 <br /> <br />$ 89.47 <br /> <br />$223.12 $232.96 $357.88 <br /> <br />Conventional ( <br /> <br />$65,000 <br />1],000 <br />$52,ooo <br /> <br />$465.9~ <br /> 390.62. <br /> <br />$ 75.35 <br /> <br />$301.40 <br /> <br />(2) <br /> <br />(3) <br /> <br />(4) <br /> <br />(5) <br /> <br />Assumes 95% Private Mortgage Insurance (PMI) mortgage financing. <br />Assumes 80% of Value Conventional.Mortgage Financing. <br /> <br />9 1/2Z for FHA and VA loans, '10 1/4% for PMI and Conventional loans per <br />January, 1979. <br /> <br />Based on 8 1/4% interest. Actual interest may vary depending on rates <br />for which bonds are. sold. <br /> <br />Assuming underwriting requirement that monthly housing expense cannot <br />exceed 25% of gross income. . <br /> <br /> <br />