11/14/2010 Ohio NSP Home Purchase Rehab Feasibility Analysis 1 HOMEBUYER REHAB PROJECT - BUYER-DRIVEN MODEL UNDERWRITING CRITERIA Mortgage Term Requirements Housing to Income Ratio Minimum Maximum Gross Household Income 20% 30% Debt to Income Ratio 40% PROGRAM GUIDELINES Subsidy Amount Limits Uses Appraisal Gap Assistance Final Development per unit Forms of (TDC exceeds Sales Price) Affordability Gap Final Homebuyer per unit (Down Payment, Closing Costs and Mortgage Buy Down) Maximum per unit Professional Fee Amount Eligible Service Provider Non-Profit and For Profit Fees Developer Fee of TDC Developers per NSP-assisted unit HUD-certified Housing Homebuyer Education sold to eligible buyer Counselors 8493af05-0b22-4f86-90fe-031e545bd3cf.xls Program Guidelines 11/14/2010 Ohio NSP Home Purchase Rehab Feasibility Analysis 2 HOMEBUYER REHAB PROJECT - BUYER-DRIVEN PROJECT DESCRIPTION AND HOMEBUYER INFORMATION GENERAL INFORMATION Address Census Tract Developer DEVELOPER A. Is the Developer a Local Government? Yes or No? If YES, Local Government does not receive Developer Fee. Rather, they will use Administration Funds. PROPERTY A. Property Description B. Purchase Price and Appraisal As-Is Improved AS-IS Appraised FMV # of Bedrooms: 3 3 Date of Appraisal # of Bathrooms: 1.5 1.5 Purchase Price Square Feet: Date of Final Agreement Year Built: Purchase Discount 0% Lead-based Paint? YES Meet Discount Requirement?* NO Appraisal done within 60 days Estimated As-Improved Sales Price $0 prior to Final Agreement date?* *"Yes" to both questions for purchase to comply with NSP. C. Property Type 1. Is the Property a vacant, foreclosed single family home? Yes or No? NSP Eligible Use? 2. Is the Property a vacant, non-foreclosed single family home? Yes or No? USE E 3. If No, to both of these questions, then property is ineligible for NSP. HOMEBUYER INFORMATION NAME: CURRENT ADDRESS OF HOMEBUYER: HOUSEHOLD SIZE (Total Number of Persons) Adults: Children: Total: 0 A. Estimated Gross Income Calculation Income Estimated Gross Annual Full-time high school or Contributes to Household Member Name Income and Assets Age: undergraduate student? House Payment? NO NO NO NO NO NO NO ANNUAL GROSS $0 MONTHLY GROSS INCOME: $0 HOUSEHOLD INCOME B. Estimated Monthly Debt Obligations Debt Type Monthly Amount Owed Car Loans Installment Loans (Student, Bank, etc.) Credit card accounts Alimony and/or child support payments Other Total Gross Monthly Debt: $0 NSP INCOME REQUIREMENTS Buyer Annual Household Income $0 Buyer % AMI Level #DIV/0! 100% AMI Income by Household Size Within NSP Income Limits? #DIV/0! 8493af05-0b22-4f86-90fe-031e545bd3cf.xls Proj Description and Compliance 11/14/2010 Ohio NSP Home Purchase Rehab Feasibility Analysis 3 HOMEBUYER REHAB PROJECT - BUYER-DRIVEN IDENTIFIED HOMEBUYER AFFORDABILITY ANALYSIS How much of a Monthly Mortgage Payment can the Identified Homebuyer Afford based on Front & Bank End Ratios? How much of a Mortgage can the Identified Homebuyer afford? How much in Affordability Subsidy Gap to make the house affordable to Identified Buyer? As-Is Improved Address 0 # of Bedrooms: 3 3 Developer 0 # of Bathrooms: 1.5 1.5 Homebuyer 0 Square Feet: - - Income % AMI #DIV/0! Sales Price: $0 HOUSING-TO-INCOME RATIO ANALYSIS (Front-End Ratio) Gross Household Monthly Income: $ - times Housing-to-Income Ratio equals Maximum for Monthly Housing Payment (Front-End) $0 TOTAL DEBT-TO-INCOME RATIO ANALYSIS (Back-End Ratio) Gross Household Monthly Income: $ - times Total Debt-to-Income Ratio: equals Maximum for Monthly Housing Payment (Back-End) $0 less Monthly Debt Payments: $ - equals Maximum for Monthly PITI Payment: $0 MAXIMUM MORTGAGE AMOUNT The Lender will Choose the LESSER of the Housing Payments (Front or Back End) MAXIMUM ALLOWABLE FOR MONTHLY PITI $0 less Taxes $ - less Homeowners Insurance $ - less Private Mortgage Insurance (PMI) $ - equals Maximum Allowable for Principal & Interest Payment: $0 factor Interest Rate: factor Mortgage Term: 30 equals MAXIMUM MORTGAGE AMOUNT Based On RATIO Restrictions: $0 MORTGAGE PAYMENT AND AFFORDABILITY GAP ANALYSIS MORTGAGE BUY DOWN SALES PRICE $0 Down Payment required by Lender $0 Other DPA $0 Maximum Mortgage Amount $0 Deferred Due on Sale Second Mortgage $0 ACTUAL MONTHLY MORTGAGE PAYMENT FIRST MORTGAGE Loan-to-Value Ratio: $0 factor First Mortgage Interest Rate: 0.000% factor First Mortgage Term: 30 equals First Mortgage Principal and Interest $0 plus Taxes $0 plus Homeowners Insurance $0 plus Private Mortgage Insurance required if LTV > or = 80% #DIV/0! plus Homeowners Association Fee $0 equals ACTUAL MONTHLY MORTGAGE PAYMENT: #DIV/0! DOWN PAYMENT ASSISTANCE of Down Payment required by Lender 50.0% (CDBG Requirement) CASH REQUIREMENTS $0 Down Payment 0.00% $0 plus Closing Costs #DIV/0! $0 less Down Pmt & Closing Cost Assistance #DIV/0! #DIV/0! TOTAL CASH TO ENTER: #DIV/0! Per Unit Affordability Schedule of Closing Costs Affordability Subsidy SOURCES Subsidy USE Subsidy Down Pmt & Closing Cost NSP DPA Subsidy Assistance #DIV/0! Title Insurance Other DPA Employer DPA $0 Appraisal NSP Homebuyer Subsidy Mortgage Write Down $0 Recording TOTAL BUYER AFFORDABILITY SUBSIDY: #DIV/0! #DIV/0! Deed Preparation Conveyance Fee Grantee Maximum Homebuyer GAP NSP Subsidy: $0 Home Inspection Requested NSP Affordability GAP Funds #DIV/0! Pre-Paid Taxes $0 Balance from Limit: #DIV/0! Pre-Paid Insurance $0 Within Guidelines of Homebuyer Subsidy Gap Limit? #DIV/0! Loan Origination Fee 1.00% $0 Loan Guarantee Fee 3.00% $0 Total Closing Costs: $0 8493af05-0b22-4f86-90fe-031e545bd3cf.xls Buyer Affordability 11/14/2010 Ohio NSP Home Purchase Rehab Feasibility Analysis 4 DEVELOPMENT BUDGET What are the Estimated Costs to Rehab A Scattered-Site Single Family Unit? What is the Development Appraisal Gap? As-Is Improved Address 0 # of Bedrooms: 3 3 Developer 0 # of Bathrooms: 1.5 1.5 Homebuyer 0 Square Feet: - - Income Targeting #DIV/0! Sales Price: $0 USES PREDEVELOPMENT PER UNIT Environmental Review and Assessments As-Is and As-Built Appraisals Title and Recording Architect & Structural Engineer Asbestos & Lead Based Paint Testing Year Built: 0 Property Acquisition Consultant Code Inspections & Preparation of Specifications Energy Audit and Energy Efficiency Specifications Survey & Civil Engineering Total Predevelopment: $0 BUILDING AND PROPERTY ACQUISITION Land & Building $0 Temporary Relocation* 0 Households $3,000 per Relocation $0 *Contact State if relocation; but assume $3000 for temporary relocation Total Acquisition: $0 CONSTRUCTION COSTS REHAB or NEW CONSTRUCTION #DIV/0! Average Cost per Square Foot $0 Infrastructure Improvements Lead Based Paint & Asbestos Abatement Landscaping CONTRACTOR FEE / hard cost $0 CONSTRUCTION CONTINGENCY / hard cost $0 Total Construction: $0 CARRYING COSTS Board Up & Lawn Maintenance Utilities Builder's Risk Insurance Fire Insurance (Commercial) Property (General) Liability Insurance Real Estate Taxes Total Carrying Costs: $0 PROFESSIONAL SERVICES Legal Accounting Consultant Marketing /Advertising Total Professional Fees: $0 SELLER'S CLOSING COSTS Seller's Closing Costs of sale price $0 Homebuyer Education $0 per unit $0 Seller Paid Transfer Taxes of sale price $0 Total Seller's Closing Costs: $0 Hard & Soft Costs Sub-Total: $0 REHAB MANAGEMENT FEE 0% of TDC $0 Is the Developer a Local Government? If YES, Local Government does not receive Developer Fee. Rather, they will use Administration Funds. TOTAL DEVELOPMENT COSTS (TDC): $0 less SALE Proceeds: $0 Development Appraisal GAP: $0 #DIV/0! Maximum Development GAP NSP Subsidy: $0 Requested NSP Appraisal GAP Funds $0 Compliant with Sales Balance from Limit: $0 Price? YES Within Appraisal Gap Limit? Proceed 8493af05-0b22-4f86-90fe-031e545bd3cf.xls Development Budget 11/14/2010 Ohio NSP Home Purchase Rehab Feasibility Analysis 5 HOMEBUYER REHAB PROJECT - BUYER-DRIVEN REHAB CONSTRUCTION BUDGET What is the Development Appraisal Gap? As-Is Improved Address 0 # of Bedrooms: 3 3 Developer 0 # of Bathrooms: 1.5 1.5 Homebuyer 0 Square Feet: - - Income % AMI #DIV/0! Sales Price: $0 CONSTRUCTION Linear Feet Sq. ft. Quantity Unit Price Total Cost Demolition (Partial for Rehab) $0 Excavation $0 Concrete $0 Masonry $0 Roofing $0 Siding $0 Rough carpentry $0 HVAC (Repair, not Replacement) $0 Plumbing $0 Electrical $0 Finish carpentry $0 Interior Doors and Closets $0 Windows (Refurbish, not Replacement) $0 Drywall $0 Tile $0 Paint (interior) $0 Flooring $0 Basic Insulation (not for Energy Efficiency) $0 Energy Efficiency Enhancements See Schedule $0 Appliances See Schedule $0 Cabinets & Counter Tops $0 Hardware and Accessories $0 Window Treatments (mini blinds) $0 Exterior Door $0 Storm Door $0 Subtotal Materials / Labor: Cost per Sq. ft.: #DIV/0! $0 Energy Efficiency Improvements # Per Unit Per Unit Cost Project House insulation upgrades $0 Windows $0 HVAC $0 Blower Door Test $0 House energy monitor $0 Ceiling Fans $0 Electrical: (motion, photovoltaic, dimmers, lt blbs) $0 Low Flow Plumbing Fixtures $0 Tankless water heater $0 Solar Panels - Photovoltaic $0 Total Energy Efficiency Improvements: $0 Appliance Allowance # Per Unit Per Unit Cost Project Refrigerator $0 Range/Microwave hood $0 Dishwasher $0 Garbage Disposal $0 Garage Door Opener $0 Washer / Dryer $0 Total Appliance Allowance $0 8493af05-0b22-4f86-90fe-031e545bd3cf.xls Rehab Construction 11/14/2010 Ohio NSP Home Purchase Rehab Feasibility Analysis 6 HOMEBUYER REHAB PROJECT - BUYER-DRIVEN SOURCES AND USES SCHEDULE PROJECT INFORMATION What is the Development Appraisal Gap? As-Is Improved Address 0 # of Bedrooms: 3 3 Developer 0 # of Bathrooms: 1.5 1.5 Homebuyer 0 Square Feet: - - Income Targeting #DIV/0! Sales Price: $0 INTERIM NSP-FUNDED DEVELOPMENT FINANCING PER UNIT COSTS Total Predevelopment: $0 Total Acquisition: $0 Total Construction: $0 Total Carrying Costs: $0 Total Professional Fees: $0 Total Seller's Closing Costs: $0 Total Rehab Management Fee $0 TOTAL DEVELOPMENT COSTS: $0 I. TOTAL NSP INTERIM LOAN FOR TDC: $0 REHABILITATION - DEVELOPMENT SUBSIDY CALCULATE DEVELOPMENT "Appraisal GAP" SUBSIDY TOTAL DEVELOPMENT COSTS: $0 less SALES PRICE $ - NSP REHAB DEVELOPER SUBSIDY: $0 HOMEBUYER AFFORDABILITY - CALCULATE HOMEBUYER "Affordability GAP" SUBSIDY MONTHLY GROSS INCOME: $0 Household Size: 0 PER UNIT COSTS Buyer % AMI Level #DIV/0! Housing to Income Ratio: 0% Estimated As-Improved Sales Price $0 USES Closing Costs $0 $0 FIRST MORTGAGE AMOUNT $0 DOWN PAYMENT / PRINCIPAL BUY DOWN (Based on incentives to market and sell unit) NSP Down Payment & Closing Cost Assistance #DIV/0! SOURCES Other DPA $0 #DIV/0! AFFORDABILITY BUY DOWN OF MORTGAGE (Based on income & affordability needs) NSP Affordability Buy Down of Purchase Mortgage $0 $0 CASH FROM HOMEBUYER #DIV/0! NSP HOMEBUYER SUBSIDY ANALYSIS NSP Funded Mortgage Buy Down $0 NSP Funded Down Payment Assistance #DIV/0! TOTAL NSP HOMEBUYER AFFORDABILITY SUBSIDY (Mortgage Buydown & DPA): #DIV/0! II. FINAL COMBINED NSP SUBSIDY: #DIV/0! 8493af05-0b22-4f86-90fe-031e545bd3cf.xls Sources & Uses 11/14/2010 Ohio NSP Home Purchase Rehab Feasibility Analysis 7 HOMEBUYER REHAB PROJECT - BUYER-DRIVEN FUNDS MANAGEMENT ANALYSIS PROJECT INFORMATION Address 0 As-Is Improved Developer 0 # of Bedrooms: 3 3 Homebuyer 0 # of Bathrooms: 1.5 1.5 Income Level #DIV/0! Square Feet: 0 0 Sales Price: $0 FUNDS MANAGEMENT INFORMATION NSP OBLIGATION AMOUNT: $0 100% interim financing Sales Price $0 NSP Developer Subsidy $0 Sales Price + Closing Costs $0 Buyer Purchase Power #DIV/0! 1st Mortgage + Buyer Down Payment NSP Homebuyer Subsidy #DIV/0! DPA + Mortgage Buy Down FINAL NSP SUBSIDY: #DIV/0! Developer plus Homebuyer Subsidy NSP PROGRAM INCOME #DIV/0! Buyer Purchase Power SUBSIDY ANALYSIS Max Per Unit Total NSP Subisdy $0 Requested NSP Subsidy #DIV/0! Balance from Limit: #DIV/0! Within Maximum Subsidy #DIV/0! Limits? DRGR REPORTING Income Level: #DIV/0! Meet 25% Set-aside? #DIV/0! NSP Eligible Obligation Amount Use Acquisition $0 USE E Disposition $0 USE E Rehabilitation $0 USE E Homebuyer Assistance #DIV/0! Total #DIV/0! 8493af05-0b22-4f86-90fe-031e545bd3cf.xls Funds Management
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