What Will it Cost to Live at Arbor Mews?
If you qualify for Arbor Mews’ amazing financing, here is an example of what it would cost you to live here.
| If you purchase a home for: | $147,545 |
| You will contribute 3% of the purchase price from your savings: | ($4,426) |
| This leaves a mortgage amount of: | $143,118 |
| You are eligible to receive a cash grant for all closing costs up to $10,000.¹ With Arbor Mews’ special no PMI financing,² closing costs will approximate: | $10,000 |
| If interest rates don’t change by the time you close on your home, your total monthly payment with Arbor Mews’ special 30-year fixed rate, no-PMI financing,² could be, depending on which mortgage program is selected, as low as: | $1,180 |
This payment includes your mortgage payment, real estate taxes, homeowners association dues including professionally managed grounds, building maintenance, building insurance, trash removal, and roof repair. You pay for monthly utilities, phone, cable and insurance on your contents. No private mortgage insurance payment is required for qualified first time home buyers. This saves over $100 per month!
All figures are approximate and subject to change based on actual total sales price, the total amount you have to put down, the interest rate, your credit score, your total debts, and any changes in municipal tax rates. Interest rate assumed above is 4.25% with the TD Bank Right Start program.
¹You qualify for cash grants if you:
- Are a first time home buyer or you haven’t owned a home within the last 3 years
- Will occupy the home as your primary residence
- Are credit worthy to qualify for a mortgage
- Complete a counseling program on home ownership
- Have saved 3% of the purchase price to put down on the home and have at least 1 month’s payment on hand
- Agree to stay in the home at least 8 years. If you sell your home sooner, you owe the grant money back out of the profits of the sale. If you stay at least 8 years, any profits belong to you
- Earn less than the following amounts annually:
| Family Size | |
| One person: | $45,450 |
| Two Persons: | $51,950 |
| Three Persons: | $58,450 |
| Four Persons or more: | $64,900 |
- Even if you earn more than the income levels above, you may still qualify for a $5000 cash closing grant if your income is less than:
| Family Size | |
| One person: | $68,160 |
| Two Persons: | $77,880 |
| Three Persons: | $87,600 |
| Four Persons or more: | $97,320 |
²You may qualify for the no-PMI special financing if you earn less than $79,000 regardless of family size. In some cases greater income limits are allowed. See sales counselor for details.
Some restrictions apply. Call today for details! 484-401-6200 or info@arbormews.com
*All pricing, terms and examples are illustrative only and subject to change with variations in interest rates, pricing, specific individual household circumstances and additional underwriting standards applied by the mortgage lender.