Owning a home can be as little as $1,173 per month at The Seasons

Seventeen new homes at The Seasons are made affordable for working families with several programs available to assist the first-time homebuyer. For buyers who are income-qualified, assistance includes but is not limited to the following:

	As little as 1% down payment from the home buyer
	Down payment assistance of approximately $3,000 to $5,000 per family
	Federal first time home buyer assistance funds based on income and family size
	City tax funds of $15,741

Here is an Example of how it works: Martha and Carl are a family of four with a three year old son and an 8 year old daughter. Carl works full-time in security and Martha works part-time as a nurse's aide. Both worked in their same positions for over two years. Together they have a stated combined monthly income of $3,712 or $44,550 per year. They have an average credit score, no bankruptcies, and have $2,500 in savings. The debt-to-income ratios used by lenders for housing expenditures are 36% and 41% to cover all debt, such as credit cards, car loans, and school loans.

* The sample monthly payment of $1,173 includes principle, interest, taxes, homeowners association and insurances. This is based on a sales price of $230,000 and $9,300 closing costs with the total sales transaction equaling $239,300. The down payment from the buyer is $2,300, with a conventional, 30-year fixed first mortgage of $130,000 at a 6.5% interest rate. Example of funding available to the buyer are down payment assistance grant of $5,000, a city grant of $15,741 and a HOPE VI soft second mortgage of $88,259

The breakdown of the monthly payment includes principle and interest of $803.00 + $370.00 monthly escrow which is a combination of $50 hazard insurance; $170.00 real estate taxes; $50 premium mortgage insurance and $100 homeowners association assessment = $1,173.00.

In addition the family will receive a federal and state tax deduction for the mortgage interest paid each year which they would not otherwise receive in renting.

All financing is subject to change and is based upon availability of funds, changes to qualifying guidelines, terms, conditions and restrictions. Assistance is available to income-eligible first-time home buyers only.