OW IS THE PURCHASE PRICE DETERMINED?
rinceton Township’s program is unique in that the Purchase Price is calculated from a formula that determines 28% of your gross monthly household income, (unless your income is below the minimum income required to purchase, as determined by the Princeton Township Housing Board. (If your income is below the minimum income requirement, you may still be able to purchase if you can qualify for the Township’s program and obtain a mortgage for a purchase price that is derived from the minimum income requirements). The formula calculates monthly housing costs which include the mortgage, interest, taxes, sewer, Homeowner Association fees, and homeowner’s insurance. Private Mortgage Insurance, food and utilities are not part of the monthly housing costs.
