PITI definition

PITI means principal, interest, taxes, and hazard insurance. "PMI"
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PITI means principal, interest, taxes, and hazard insurance. "PMI" means private mortgage insurance. "PST" means
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PITI. Principal, interest, taxes, and homeowners’ insurance – total housing costs – are assumed to be 33% of a household’s gross monthly income. • First mortgage interest rate: the Agency’s calculation assumes a fixed mortgage interest rate based on the higher of the following: 1) a 10-year rolling average of interest rates as calculated by the Agency, or 2) market conditions at the time the homes are offered for sale. The Agency will not permit a variable rate mortgage or an interest-only mortgage, as such financing instruments are contrary to the objectives of long-term affordability and stability of the first time homebuyer program. • Owner down payment: The Agency assumes (and requires at a minimum) that the household will make a cash down payment of 5% of the affordable purchase price, 2% of which may be gift funds. Once a developer knows, for each unit, what the applicable AMI level is, the household size, the cost of taxes and insurance, and the interest rate, s/he can set the affordable purchase price. For example, a two-bedroom unit assumes a household of three. If the developer’s obligation calls for pricing at an AMI level of 95% (with income eligibility up to a maximum of 100% of AMI), the three-person household’s income would be $81,225 in 2005. 33% of that income level is $26,804, or $2,235 per month. This figure, $2,235, is the target total monthly payment for housing costs for all households buying at this income level. If the household’s XXX xxxx were $400 per month, taxes were $235 per month, and personal property insurance was $50 per month, the total monthly income available to pay the first mortgage would be $1,550 per month (i.e., $2,235 - $400 - $235 - $50 = $1,550). Using a 7.5% interest rate on a 30-year, fixed-rate first mortgage, the supportable mortgage would be $221,680. Assuming a 5% down payment (since the first mortgage would cover 95% of the purchase price), the affordable purchase price would be $233,345.
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Examples of PITI in a sentence

  • CalHFA MAC will structure the assistance as a non-recourse, non-interest bearing subordinate loan in favor of the Eligible Entity (CalHFA MAC) secured by a junior lien recorded against the property in the amount of the total reduced PITI (principal, interest, tax, insurance, as applicable) and any escrowed homeowner’s association dues or assessments, and equal to the total amount of HHF unemployment assistance.

  • Goals The goal of the UBP is to cover a portion of PITI for eligible unemployed and substantially underemployed homeowners, allowing them to: 1) Secure re-employment in their occupation; or 2) Access training made available through the Indiana Department of Workforce Development that will help them secure employment in a new occupation.

  • Additionally, participants who enroll as unemployed borrowers and regain employment while receiving assistance from HomeSaver, but at a wage that is 75% or less of their pre- hardship employment wage, can continue to receive assistance as underemployed borrowers, assuming all eligibility criteria are met, including gross income at or under 120% of AMI and such that the monthly mortgage payment (PITI) is greater than 38% of the participant’s gross monthly income (LifeLine and Mortgage Assistance).

  • Payments of PITI for up to fifteen (15) months (twenty-four (24) months for applications initiated on or after October 1, 2013).

  • Pending the sale of the home, shall be awarded occupancy of the home, payment of the PITI shall be paid by payment of utilities shall be paid by Award: Husband /or/ Wife shall be awarded the real estate.

  • Affordability shall be defined to require that total housing costs for principal, interest, taxes and insurance ("PITI") shall not exceed thirty percent (30%) of gross family income.

  • Goals The primary goal is to reduce first mortgage principal balances with respect to at least 3,000 homeowners throughout the State of Nevada such that their loan to value ratios are reduced to 115% or less and correspondingly, the PITI payment reduced to 31% or less of the homeowner’s gross income.

  • Provider agrees to apply MIHAF funds towards principal, interest, taxes, and insurance (collectively PITI).

  • If either Buyer or Seller fails to perform pursuant to any aspect of this Purchase Contract, the defaulting party may be liable for the other party's damages (e.g., consequential damages, including but not limited to, "PITI", etc.).

  • Goals The goal of the UBP is to cover a portion of PITI for eligible unemployed homeowners, allowing them to: 1) Secure re-employment in their occupation; or 2) Access training made available through the Indiana Department of Workforce Development that will help them secure employment in a new occupation.


More Definitions of PITI

PITI means principal, interest, taxes, and hazard insurance. “PMI” means private mortgage insurance. “PST” means Pacific Standard Time, and includes daylight savings time if in effect on the date specified. “PTR” means preliminary Title Report. “Property” means the real property and any personal property included in the sale as provided herein. “Receipt” means delivery to the party or the party’s agent. “Seller” means one or more individuals or the entity that is the owner of the Property. “SID” means Special improvement District. “Title Company” means the company that will provide title insurance. “USC” is the United States Code. “VA” is the Veterans Administration.
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PITI means principal, interest, taxes, and hazard insurance. “PMI” means private mortgage insurance. “PST” means Pacific Standard Time, and includes daylight savings time if in effect on the date specified. “PTR” means Preliminary Title Report. “Property” means the real property and any personal property included in the sale as provided herein. “Receipt” means delivery to the party or the party’s agent. “Seller” means one or more individuals or the entity that is the owner of the
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PITI means the acronym for principal, interest, taxes, homeowner’s insurance and mortgage insurance
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Related to PITI

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