The Best Scottsdale Home Mortgage Calculators On the Web!
Please try my Scottsdale Java Home Loan and Scottsdale Home Mortgage calculators. They take a minute to load, but they are worth it! Each calculator has dynamic graphs and charts that change - right before your eyes - as you enter different information. Each financial calculator also includes a View Report option. The mortgage repayment schedule and other reports are fully customizable. These reports are designed for you to print out and keep...
Arizona Home Buyers Solution - Down Payment Gift Program
"The One Percent Down Solution"
About the program:
The One Percent Down Solution Gift Program is designed to provide eligible homebuyers a gift of up to 5.5% of the sales price to be applied towards the FHA down payment and/or allowable closing costs for the purchase of a home.
Targeted towards quality affordable housing, approved homebuyers can purchase a home for as little as 1% down payment. The program also allows for the remaining 1% down payment to be gifted from any FHA allowable source.
The program is offered exclusevely through The Lending Company, a Direct Endorsed US Housing and urban Development lender. There is no requirement for the gift to ever be repaid. It is offered in concert with an IRS approved 501(c)(3) non-profit organization.
This is not a seller-paid down-payment assistance program and the seller is not required to participate.
Program Benefits:
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The program provides up to a 5.5% gift to FHA qualified home buyers
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Remaining down payment is as low as 1/2%
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Seller can and is encouraged to contrbute towards the closing costs to further assist the homebuyer
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Income requirements match FHA guidelines. Maximum allowable income to 215% of the HUD median income as determined by county
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Competitive interest rates
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Flexible FHA approval guidelines
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Not limited to first-time homebuyers
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Standard FHA appraisal
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Owner Occupied purchase only
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1-4 units allowed
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FHA approved condominiums allowed
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Loan limits match FHA guidelines for each county
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Minimum credit score of 620
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Successful credit restoration allowed
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Automated AUS/DU approve/eligible determination required
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FHA qualified Non-occupant co-borrower/co-signer allowed
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No prepayment penalties
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Must complete approved Home Buyer Counseling Course
 Mortgage Tax Savings Calculator
Interest paid on a mortgage is tax deductible if you itemize on your on tax return. So are points that are paid to lower your interest rate. Use this calculator to determine how much you could save in income taxes. Click on the "View Report" button to view the results in detail.
Definitions
- Mortgage amount
- Original or expected balance for your mortgage. Taxpayers can deduct the interest paid on first and second mortgages up to $1,000,000 in mortgage debt (the limit is $500,000 if married and filing separately). Any interest paid on first or second mortgages over this amount is not tax deductible. Home equity loans are limited to $100,000 or the amount of equity you have in your home. Our calculator limits your interest deduction to the interest payment that would be paid on a $1,000,000 mortgage.
- Interest rate
- Annual interest rate for this mortgage.
- Interest rate after taxes
- Annual effective interest rate after taxes are taken into account. Please note that in addition to the $1,000,000 mortgage debt limit, this calculator assumes that your itemized deductions will exceed the standard deduction for your income tax filing status. If your itemized deductions don't exceed your standard deduction, the benefit of deducting the interest on your home will be reduced or eliminated. For 2002 the standard deductions were $7,850 for married couples filing jointly, $3,925 for married couples filing separately, $4,700 for singles, and $6,900 for heads of household. You should also be aware that the total tax savings may be less for higher incomes that have their allowable itemized deductions phased out.
- Term in years
- The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.
- Monthly payment
- Monthly principal and interest payment (PI).
- Federal tax rate:
- The marginal federal tax rate you expect to pay.
- State tax rate:
- The marginal state tax rate you expect to pay.
- Annual Percentage Rate (APR)
- A standard calculation used by lenders. It is designed to help borrowers compare different loan options. For example, a loan with a lower stated interest rate may be a bad value if its fees are too high. Likewise, a loan with a higher stated rate with very low fees could be an exceptional value. APR calculations incorporate these fees into a single rate. You can then compare loans with different fees, rates or different terms.
- APR after taxes
- Annual percentage rate after taxes are taken into account. Unlike your after-tax interest rate, the APR after taxes takes closing costs into account.
- Loan origination percent
- The percent of your loan charged as a loan origination fee. For example, a 1% fee on a $120,000 loan would cost $1,200.
- Discount points
- Total number of "points" purchased to reduce your mortgage's interest rate. Each "point" costs 1% of your loan amount. As long as the points paid are not a broker's commission, they are considered tax deductible in the year that they were paid.
- Other fees
- Any other fees that should be included in the APR calculation. These fees can vary by lender, but at a minimum usually includes prepaid interest.
The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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- NUMBER1EXPERT™ 
- Scottsdale Home Guide
