What is the maximum house price that a single person could afford under the new...
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What is the maximum house price that a single person could afford under the new income limit of the Virginia Housing Development Authority (VHDA) First-time Homebuyer Program?
Assume the new income limits is $39,000. Assume this program offers an 8.0%, 30 year loan with monthly payments, uses a standard underwriting criteria of (.28/.36), permits a 95% LTV and that the individual has no long term debts. Also assume that property taxes and insurance are $600.00 per year.
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