The Shift Home

Project > Affordability

How $40k Buys The Shift Home

 

Our open house was flooded with people this weekend and we've received an overwhelming amount of inquiries into the Shift Home since last week's unveiling.  The big question has been "How can $40k income qualify to buy this house?"

 

The answer is "By turning $40k into $50k!"

 

That's the magic of a legal basement suite. The basement suite should rent for between $800 - $1000/mo in the open market. Banks will allow you to add up to 80% of this income to your own income when qualifying a person for the mortgage.  Essentially, this income can raise a person's $40,000 income to $49,600 (assuming $1000/mo) in the eyes of the bank. 

 

Add to this the $24k forgivable loan we can offer ANY homebuyer and we've solved the two biggest challenges a home buyer faces: income qualification and the down payment.

 

The only question that remains is "Who wants it?"

 

That'll be answered soon....