University employees can learn about the Yale Homebuyer Program, as well as how to save for and buy a home, at a Housing Fair to be held 9:15-11:45 p.m. on Saturday, Oct. 19, at Timothy Dwight Elementary School, 130 Edgewood Ave..
The fair -- which will showcase homes in the Dwight, Edgewood and West River neighborhoods -- is the first in a series of informational programs sponsored by the University that will be based in neighborhoods included in the Yale Homebuyer Program target area.
Representatives from bank and mortgage companies will answer participant's financial questions. Those attending can also speak to realtors about homes listed in the Yale Homebuyer Program area and to residents of the Dwight, Edgewood and West River neighborhoods about quality-of-life issues. Also on hand will be representatives from nonprofit organizations that rehabilitate homes in the neighborhoods.
A bus tour led by Alderwoman Olivia Martson and Jim Paley, executive director of Neighborhood Housing Services, will leave Dwight School at 10:45 p.m. Participants will learn about the neighborhoods and visit several homes that are for sale or in the process or renovation. After the Housing Fair, there will be open houses at several locations noon-1 p.m.
For further information, call 432-7536 or 432-5535.
How much money does it take to buy a home?
Scenario 1:
For a single-family home with a purchase price of $65,000, property tax of $2,700 and annual gross income of $28,000:
$2,333: Gross monthly income
$167: Yale Homebuyer Monthly Benefit:
$2,500: Total montly income
$772: Monthly mortgage payment (payment on first mortgage, mortgage insurance, property tax, and payment on second mortgage, which includes down payment and closing fees)
Scenario 2:
For a two-family home with purchase price of $81,000, property tax of $4,000 and annual gross income of $28,000:
$2,333: Gross monthly income
$167: Yale Homebuyer Monthly Benefit
$558: Monthly rental income (93 percent)
$3,058: Total montly income
$1,009: Monthly mortgage payment (payment on first mortgage, mortgage insurance, property tax, and payment on second mortgage, which includes down payment and closing fees)