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Sales Purchase and Mortgage Agreement

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					7/27/2011             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




ab906e6a-7573-43f1-b329-4459549274df.xls                                               Program Guidelines
7/27/2011                                  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!

ab906e6a-7573-43f1-b329-4459549274df.xls                                                                                         Proj Description and Compliance
7/27/2011                                                                        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




ab906e6a-7573-43f1-b329-4459549274df.xls                                                                                                                                                                            Buyer Affordability
7/27/2011                                    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



ab906e6a-7573-43f1-b329-4459549274df.xls                                                                                                               Development Budget
7/27/2011                             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

ab906e6a-7573-43f1-b329-4459549274df.xls                                                                                     Rehab Construction
             7/27/2011                                           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!




             ab906e6a-7573-43f1-b329-4459549274df.xls                                                                                                          Sources & Uses
      7/27/2011                            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!




      ab906e6a-7573-43f1-b329-4459549274df.xls                                                                         Funds Management

				
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Description: Sales Purchase and Mortgage Agreement document sample